Petronella Sibeene
10 October 2008
Windhoek — The Ministry of Mines and Energy yesterday confirmed that fuel would go down on Wednesday.
Energy Minister Erkki Nghimtina announced that the pump price for 93 Octane Lead Replacement Petrol and 95 Octane Unleaded Petrol would decrease by 50 cents while diesel will go down by 95 cents.
The good news to Namibian motorists comes after the Rand-US dollar strengthened during September coupled with a sharp decline in global oil prices.
"The price of crude oil dropped below US$100 a barrel during September 2008 as a result of the slowing economy in the United States," said the minister.
The ministry warned that crude oil prices will remain volatile especially that the Organisation of Petroleum Exporting Countries (OPEC) decided to increase crude oil production from 32.3 million barrels in the second quarter of 2008 to 32,9 million barrels during the third quarter of the year.
"The anticipated increase in the crude oil production may further translate into a higher rate of stock build-up and reduce oil prices in the market as the market sends out bearish sentiments," the minister said.
The ministry says it has to take precautions in reviewing fuel prices to avoid a negative effect on the economy.
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