{"id":70195,"date":"2024-06-03T13:21:22","date_gmt":"2024-06-03T13:21:22","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/fuel-prices-remain-unchanged-for-june"},"modified":"2024-06-03T14:33:34","modified_gmt":"2024-06-03T14:33:34","slug":"fuel-prices-remain-unchanged-for-june","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/fuel-prices-remain-unchanged-for-june","title":{"rendered":"Fuel prices remain unchanged for June"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Namibia. <\/strong><\/span>All fuel prices across the country will remain unchanged for June. This means the pump prices at the port of entry in Walvis Bay will stay at N$23 for petrol, diesel 50ppm will remain at N$22.17 per litre, and diesel 10ppm at N$22.37 per litre.<\/p>\n<p>During the month of May, international fuel prices decreased slightly, while there was a marginal appreciation of the Namibia Dollar against the US Dollar.<\/p>\n<p>These factors, the mines and energy ministry stated, augur well for Namibia as an oil-importing country.<\/p>\n<p>\u201cNotwithstanding the oil production cuts by some OPEC+ members, crude oil prices have declined due to the cumulative oversupply of oil by major oil-producing countries and other non-OPEC members, which has outpaced the global demand. Additionally, the passthrough effects of the depreciation of the US Dollar against the South African Rand\/Namibia Dollar contributed to the products becoming relatively cheaper over the review period,\u201d the ministry stated.<\/p>\n<p>A ministerial review of international fuel prices showed that all prices per barrel for all grades of fuel, namely Unleaded Petrol 95, Diesel 50ppm and Diesel 10ppm, were down about 8% during May. Also, there was a marginal appreciation of 2.6% of the Namibia Dollar versus the US Dollar.<\/p>\n<p>\u201cHaving considered all the input factors mentioned above into the fuel pricing model, the ministry noted over-recoveries on both petrol and diesel products, amounting to an over-recovery of 52.747 cents per litre on petrol and over-recoveries of 86.103 cents on diesel 50ppm and 98.120 cents per litre on diesel 10ppm. Nevertheless, the observed over-recoveries remain temporary in nature, given the elevated prevailing market volatilities. In this context, the recorded over-recoveries provide an opportunity to rebuild a healthy balance of the national slate account to boost our capacity to better absorb future market volatilities,\u201d the ministry stated.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/namibia\">Namibia<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Namibia. All fuel prices across the country will remain unchanged for June. This means the pump prices at the port of entry in Walvis Bay will stay at N$23 for petrol, diesel 50ppm will remain at N$22.17 per litre, and diesel 10ppm at N$22.37 per litre. During the month of May, international fuel [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":70194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-70195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fuel prices remain unchanged for June - Namibia<\/title>\n<meta name=\"description\" content=\"All fuel prices across the country will remain unchanged for June. 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