Fuel prices remain unchanged

02 June 2020 | Ministries

Demand for refined oil products has risen in the face of easing Covid-19 lockdown regulations.

Monthly reviews also show an over recovery on Diesel 50ppm and an under recovery on 95 Octane Unleaded Petrol as calculated on 22 May.

The under recovery on petrol has left the National Energy Fund in good financial standings – to the consumer’s advantage.

The over- and under recoveries are low, hence a price adjustment will not be made, which will also aid in price stabilities.

Pump prices for petrol and diesel dropped by N$1.70 and N$1.20, respectively in April. These decreases resulted in motorists paying N$11.35 per litre of petrol and N$12.13 for diesel.

Internationally

It is expected that agreements between the Organisation of Petroleum Exporting Countries (OPEC) and independent oil producers will trim oil production by an estimated 10 million barrels per day until the end of June.

Saudi Arabia, one of the largest OPEC producers, announced that it would further cut production by 1 million barrels a day. In light of this, petrol prices increased, while the trading value of diesel remained stable.

One barrel of petrol traded at U$28 against U$20 a month before, while diesel traded at U$1 more per barrel than a month prior at U$27.

The US dollar retained its position as the main currency for foreign trading, while the Namibia Dollar (N$) gained slight momentum against the former.

One U$ traded at N$18.40 instead of the N$18.50 average at the end of April 2020.

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