The Ministry of Mines and Energy this week announced that the price of fuel will remain unchanged during November, meaning that the price for diesel will remain at N$11.58 per litre and petrol at N$11.65 per litre.
The ministry noted that the international price of refined petroleum products, the exchange rate between the Namibia dollar against the US Dollar, and the cost of shipping the petroleum products from the international market to Namibia's shores greatly influenced fuel pump prices during the month of October.
The international prices for refined petrol and diesel have remained relatively stable. Refined petrol slightly decreased from an average of US$47.21 in September to an average of US$46.75 in October, whereas, diesel slightly increased from an average US$42.70 in September to an average of US$43.83 during the same period.
Furthermore, the exchange rate between the Namibia Dollar against the US Dollar has remained relatively stable with a slight strengthening from an average of N$16.71 in September to an average of N$16.55 in October.
"This partly contributed to the reduction in the under-recovery recorded on petrol, from -9.264 c/I, last month to -1.270 c/I this month. In addition, the diesel pump prices were reduced in October by 40 c/I while petrol prices remained unchanged. Consequently, the previous reduction in diesel pump prices caused an over-recovery, from 60.697 c/I in September to 11.464 c/I in October 2020," spokesperson of the ministry, Andreas Simon said.
Simon said even though minimal under and over-recoveries were recorded, the ministry will continue to soften the burden on the consumers and at the same time, keep the fuel pump prices stable in order to ensure the sustainability of the National Energy Fund.