Feb fuel prices unchanged as energy fund absorbs N$50m

To the relief of motorists, the Ministry of Mines and Energy has announced that fuel prices will remain unchanged in February.

This comes after the National Energy Fund is set to absorb the under-recoveries on behalf of fuel consumers to the tune of approximately N$50 million.

“The Ministry has further seen that international oil prices are failing to find a consistent direction over an extended period, especially over the last 24 months. In fact, the latest calculations by the Ministry indicate that the average price for Unleaded Petrol 95 over the period of 01-20 January 2023 is at
US$97.059 per barrel compared to US$89.102 per barrel at the end of December 2022, this is a significant increase of about US$8 over the review period,” Ministry Spokesperson Andreas Simon said on Friday.

Additionally, the average price for Diesel 50ppm over the period of 01-20 January 2023 is at US$116.377 per barrel, compared to US$111.901 per barrel at the end of December 2022, another increase of about US$5 per barrel over the review period. The Ministry's calculations are also indicating that on average – the costs of shipping petroleum products in 2023 will be significantly higher than it was in 2022. 

“The Ministry is aware of the difficult economic situation which affects fuel consumers. Therefore, it will continue to make all possible interventions, to
always ensure domestic oil market stability,” the Ministry said.

Namibian fuel prices decreased in December after the Energy ministry slashed diesel prices by N$2.20 per litre and the petrol price by N$1.80 per litre to bring fuel prices at Walvis Bay to N$20.65 per litre for diesel and N$18.28 per litre for petrol.

According to the Ministry of Mines and Energy, Namibia consumes an average of 90 million litres of fuel per month, with 60 million litres being diesel and 30 million litres being petrol

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Last modified on Monday, 30 January 2023 08:49

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