The Minister of Mines and Energy, Hon Tom Alweendo announced that fuel prices will remain unchanged at N$13.05 per litre for 95 Octane Unleaded Petrol and N$13.63 per litre for 50 ppm diesel throughout August 2019.
Alweendo noted that the Namibia Dollar appreciated slightly against the US Dollar and despite an increase in price per refined barrel of fuel because of tensions in the Middle East and an uncertain oil market during July 2019, enough costs has been recovered to leave the local fuel prices unchanged.
"This analysis entails that the current increases in barrel prices are countered by the appreciation of the Namibia Dollar against the United States Dollar. Therefore, the cost recovery model on which the final pump prices are based remained in a relatively stable position," Alweendo said.
The minister further added that the over-recoveries recorded during the trading cycle under review will be channelled to the National Energy Fund for safe keeping to soften potential shocks in fuel prices in the future.