Fuel prices remain unchanged for July

30 June 2020 | Energy

Fuel pump prices in Walvis Bay (port of entry) will remain N$10.35 per litre for Petrol and N$11.13 per litre for Diesel respectively the minister of Mines and Energy Tom Alweendo, announced.

According to the minister, the monthly fuel price review revealed an under-recovery on Diesel 50ppm of -141.673 cents per litre on the Basic Fuel Price (BFP) “import parity price” landed in Walvis Bay as was calculated on 25 June 2020.

“Under normal circumstances such under-recoveries would have warranted for an increase in pump prices. However under the prevailing economic hardship conditions, the ministry decided to keep fuel pump process unchanged for July 2020. The fact that the under-recoveries have found the National Energy Fund (NEF) in a healthy financial position and the fund will thus absorb the under-recovery in its entirety on behalf of local fuel consumers,” the minister said.

The minister explained that after the oil price crash in April the global oil market had started to pick itself up with countries beginning to open up their economies following the lockdowns in March owning to the Covid-19 pandemic.

“As a result demand for oil has stated to surge and so have the prices of various petroleum products. On average the price per barrel for petrol and diesel increased from US$32 and US$44 respectively in May, to US$44 for both products in June 2020. This is a net increase of roughly US$12 from the prices of the previous month.”

The minister also pointed out that the exchange rate between the Namibian Dollar and the US Dollar has been relatively favourable during the period under review.

“It appreciated from an average of N$18.15 in May 2020 to N$17.01 in June 2020.”

This appreciation in the local currency was however not strong enough to off-set the corresponding increase in the international price of oil and diesel. Filtered through the local Basic Fuel Price (BFP) model, significant under-recoveries were recorded.

“Government is mindful of the fact that the economy is still bleeding due to the effects of Covid-19. The National Energy Fund will this month absorb the full under-recoveries recorded and the ministry will monitor the market in the months ahead to assess how best the prevailing pump process can be brought on par with the market price as market forces currently dictate,” said the minster.

Similar News

 

Dundee Precious Metals Tsumeb reaffirms support to the Tsumeb...

2 months ago - 09 April 2020 | Energy

Dundee Precious Metals Tsumeb reaffirmed its support to the Tsumeb community by improving the preparedness levels of the Tsumeb District hospital should the COVID-19 virus...

Erongo RED donates N$1 million

2 months ago - 07 April 2020 | Energy

Walvis Bay • [email protected] Erongo RED has availed N$1 million to the Covid-19 pandemic fight within the region. Chief executive Fessor Mbango said that N$200...

Fuel prices unchanged

7 months ago - 04 December 2019 | Energy

Fuel pump prices in Walvis Bay for 95 Octane Unleaded Petrol amount to N$ 13.05 per liter and that of Diesel 50 ppm is N$...

N$120 miljoen. se

8 months ago - 15 October 2019 | Energy

Arandis • Adolf KaureVisepresident Nangolo Mbumba het onlangs Sertum Ener­gy Namibia se N$120 miljoen-sonkragaanleg by Orano se Trekkopje-myn ingewy. Die 5 megawatt- fotovoltaïese aanleg lê...

Son gee myn krag

9 months ago - 01 October 2019 | Energy

Arandis · Otis Finck Sertum Energy Namibia gaan Donderdag sy nuut geboude Trekkopje-sonkragaanleg amptelik in gebruik neem. Die visepresident van die Republiek van...

Group calls for reduced electricity tariffs

10 months ago - 11 August 2019 | Energy

Walvis Bay - Otis Finck Residents staged a peaceful protest against high electricity tariffs in Walvis Bay. The Walvis Bay Concerned Group (WBCG)...

Price of electricity remains unchanged

10 months ago - 06 August 2019 | Energy

Walvis Bay • Leandrea Louw Erongo RED announced that the electricity price will remain unchanged until next year July. According to the regional electricity...

Oil refinery in the pipeline for harbour town ...

11 months ago - 07 July 2019 | Energy

Walvis Bay • Otis Finck Clasox Petroleum has applied to acquire 10 ha of land behind Dune 7 at Farm 58 for...

Residents urged to attend public meetings

1 year - 02 June 2019 | Energy

Walvis Bay - Leandrea Louw Erongo RED will host public meetings to discuss proposed electricity tariffs, ongoing projects and electricity related matters. The first...

Galp starts Namibia offshore seismic acquisition

1 year - 28 January 2019 | Energy

Galp, a publicly held, Portuguese-based energy company with an international presence, will start a 3D seismic campaign in Namibia’s Deepwater Offshore License PEL83 in the...

Latest News

Harbour town welcomes Covid-19 recovery...

1 day - 03 July 2020 | Health

Walvis Bay • [email protected] The Covid-19 pandemic has created an influx of panic with negative news dominating the headlines. However, residents of Walvis...

Back to business for Novanam...

2 days ago - 03 July 2020 | Fishing

Lüderitz-based fishing company NovaNam announced that its land-based employees can return to work on 7 July, when the first vessel returns with catch. After the...

A slow day for Covid-19...

2 days ago - 02 July 2020 | Health

During this morning’s briefing at the Covid Communication Centre, health minister Kalumbi Shangula announced eight new cases of Covid-19, with patients ranging from ages 13...

Pick n Pay clears the...

2 days ago - 02 July 2020 | Business

Walvis Bay Pick n Pay responded to what it terms misleading reports that appeared about the closure of its store in Walvis Bay yesterday.According...

PowerCom commissions new towers

2 days ago - 02 July 2020 | Technology

Information Communication Technology (ICT) infrastructure provider PowerCom, recently commissioned four infrastructure towers at the coast and one in Rehoboth. The towers were constructed to increase...

Covid-piek kom nog

3 days ago - 02 July 2020 | Health

Walvisbaai · [email protected] Die voorkoms van bevestigde Covid-19-gevalle in Walvisbaai, tans die episentrum van die pandemie in Namibië, kan in middel tot laat Augustus...

Hangana Hake Run stopped...

3 days ago - 02 July 2020 | Sports

One of the largest events on the athletics calendar, the Hangana Hake Run & Ride, has also fallen victim to the Covid-19 pandemic. The event,...

Vessel at sea as crew...

3 days ago - 02 July 2020 | Fishing

Windhoek · [email protected] A fishing vessel of Cadilu Fishing is at sea while its crew waits for tests done on two of its...

Weermag steun Walvisbaai

3 days ago - 02 July 2020 | Health

Walvisbaai · [email protected] Terwyl die aantal bevestigde Covid-19-gevalle op Walvisbaai gisteroggend met ’n rekordgetal toegeneem het, het die weermag ’n helpende hand aan die...

Load More