• Andreas Simon

The Ministry of Mines and Energy yesterday announced the results of its monthly fuel price review for October 2020. The media release stated that there would be a decrease on diesel pump prices countrywide by 40 c/l as of 00H01 on Wednesday, 7^th of October, 2020. It further stated that Petrol pump prices would remain unchanged in October. The decision was taken because of the decline of international price for refined petroleum products during the month of September 2020, in comparison to the previous months. During September, the Ministry has observed the strengthening in the exchange rate. The Namibia Dollar has improved against the US Dollar from N$17.22 in August to N$16.62 in September. Even though an under-recovery of 3.854 cents/litre was recorded on petrol while 50-ppm diesel recorded an over-recovery of 62.600 cents/litre. Compared to last month when only under-recoveries were recorded, the situation has improved.

“The Ministry will continue to soften the burden on the consumers and at the same time ensure the sustainability of the NEF. Hence, the decision to decrease the diesel pump prices countrywide and to keep the petrol pump prices unchanged during October 2020”, said Minister Tom Alweendo. He further stated that the new diesel pump prices in Walvis Bay (port of entry) will become N$11.58 c/l and petrol price will remain N$11.65 c/l. Therefore, Diesel pump prices countrywide will also be adjusted accordingly. The Ministry conducts a monthly review exercise to ensure that fuel pump prices are, at all times, reflective of the import price.