The Ministry of Mines and Energy has announced that fuel prices will remain unchanged
 for the month of July. 

The ministry, in a media release on Thursday, stated the price of petrol in Walvis Bay will remain at N$19.78 per litre, while diesel 50 parts-per-million (ppm) will remain at N$19.05 per litre and diesel 10ppm at N$19.25 per litre.

According to the media release, the latest calculations by the ministry indicate that the average price of unleaded petrol 95 over June 2023 was US$95.40 per barrel, compared to US$92.32 per barrel at the end of May 2023, depicting a slight increase over the review period. Additionally, the average price of diesel 50ppm over the same period was US$ 89 per barrel, compared to US$85.77 per barrel at the end of May 2023, an increase of about US$4 per barrel over the review period.

“Furthermore, the exchange rate figures for the period 1 to 26 June 2023 indicate that the Namibian Dollar has appreciated against the US Dollar at N$ 18.72, compared to N$19.03 per US dollar the previous month,” it said.

After entering the above input factors into the fuel pricing model, the ministry thus recorded an under-recovery on petrol and over-recoveries on both diesel products. – Nampa/AFP