Mines and Energy Minister, Tom Alweendo, announced this week that fuel prices for the month of February will remain unchanged.
In his statement, the minister said government is committed to maintaining the stability of petrol and diesel prices in an effort to minimize the level of uncertainty involved in conducting all economic activities throughout the country.
“To this end, the ministry has resolved to keep fuel prices unchanged for the upcoming monthly trading cycle while it continues to monitor the movements of all market indicators that have an influence on the final pump price paid by consumers,” he said.
The fuel pump prices in Walvis Bay will remain at N$12.05 per liter for 95 unleaded, N$13.08 per liter for diesel 500ppm and N$13.13 per liter for diesel 50ppm.
The minister said prices will remain unchanged due to the stable international average prices per barrel of refined oil and average exchange rate values over the preceding trading cycle.
A barrel of diesel traded at around US$69 or N$966 at the current exchange rate, while a barrel of petrol traded at about US$59 or N$826, he added.
Last year, fuel prices increased five times.
The ministry attributed the fuel price increase at the time to a widening depreciation in the exchange rate between the Namibia dollar and the US dollar.