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Petrol down by 20 cents a litre on Wednesday

Home Business Petrol down by 20 cents a litre on Wednesday
Business
2015-11-022024-06-18By Staff Reporter

Windhoek

The Ministry of Mines and Energy has announced a decrease of 20 cents a litre in the price for Unleaded Petrol 95 (ULP 95) as of 00h01 on Wednesday, November 4.

The ministry noted that although the National Energy Fund (NEF) Levy on ULP 95 is increasing by 10c/l, the pump prices for ULP 95 will decrease by a net amount of 20 c/l. The gross decrease is therefore 30 c/l and will bring the new Walvis Bay pump price to N$10.49 per litre.

The National Energy Fund has been requested by the technical committee on strategic projects to adjust its levy with 10 c/l in order to strengthen its capacity to finance the strategic fuel storage facility. For this reason the Ministry of Mines and Energy decided to grant a 10 c/l increase on ULP 95 on the NEF levy to fast-track the mobilisation of funds for that national project.

The ministry further noted that the Average Freight Rate Assessment (AFRA) in the Basic Fuel Price (BFP) applicable to Namibia dropped by 20.78 percent as measured against the AFRA value of the preceding period.
“An AFRA decrease normally has a positive effect on the recoveries on the regulated prices of fuel products and a downward effect on the general fuel pump prices and vice versa,” explained Minister of Mines and Energy, Obeth Kandjoze, in a statement, dated October 27.

Kandjoze added that the Namibia Dollar still remains relatively weak against the United States Dollar, with the average exchange rate of NAD13.5220 per USD, compared to NAD 13.5358 per USD for the preceding period. This represents a NAD appreciation of 0.10 percent relative to the USD.

Oil trading is conducted in the USD currency around international markets from which Namibian companies import refined hydrocarbons. “It is evident from the analysis that the market for refined hydrocarbons is still over-supplied and influenced by geopolitical conflicts in Europe and the Middle East.

“This explains why BBL (oil barrel) prices are moving up and down by very low margins. However, the pump price for ULP 95 for November 2015 will decrease due to the fall of the AFRA and the average BBL prices. The over-recoveries on both grades of diesel are too low for adjustment,” Kandjoze noted.

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