The Ministry of Mines and Energy has resolved to keep countrywide fuel pump prices unchanged for January 2021, with N$11.38 per litre for diesel while the petrol price will remain N$11.35 per litre.
The development comes despite the under-recoveries which were observed in the previous month. In addition, the authorities said the objective of the review exercise is to ensure that fuel pump prices reflect import price at all times..
The average international price for refined petrol was US$51.82 per barrel in December compared to US$44.15 in November 2020. While that of refined diesel was US$53.53 per barrel in December compared to US$44.79 in November.
During the same period, the exchange rate between the Namibia dollar against the US dollar strengthened. It appreciated, on average, from N$15.50 in November to N$14.92 in December.
“This appreciation helped keep under-recoveries at an acceptable level,” said Simon Andreas, spokesperson for the ministry of Mines and Energy.
By GLENN-NORA TJIPURA