WINDHOEK, Sept. 30 — Namibia will cut the prices of petrol or gasoline and of both diesel grades by 100 Namibian cents (about 6 U.S. cents) per liter, effective Tuesday, the Ministry of Mines and Energy (MME) announced in a statement Saturday. The ministry said the price of petrol at the pump price in Walvis Bay will adjust to 20.25 Namibia dollars per liter, while diesel 50ppm will be 19.72 Namibia dollars per liter, and diesel 10ppm will be 19.82 Namibia dollars per liter. “Fuel prices have been on a downward trend since June. The decline in oil prices is attributed to the lower cost per barrel of crude oil which is forecast to continue in October,” the ministry said. In addition, the Namibian dollar has strengthened against the United States dollar, with the exchange rate at 17.75 Namibian dollars compared to 18.09 Namibian dollars in August. This has played a significant role in reducing oil prices, as oil is traded in U.S. dollars in the international oil markets. Meanwhile, the ministry remains hopeful that the market will improve and be favorable, especially for net fuel-importing countries like Namibia.
Xinhua proud partner of the African Youth Newspaper
