The mines and energy ministry says petrol and diesel prices will remain at their June levels for the month of July with the National Energy Fund absorbing the under recoveries on behalf of motorists.
In a monthly release on fuel, senior public relations officer at the Ministry of Mines and Energy, Andreas Simon said the pump prices at Walvis Bay, which is the port of entry will remain at N$10,35 per litre for petrol and N$11,13 per litre for diesel.
“The review has been finalised taking into account the need to ensure the orderly importation of fuel products into the country,” Simon said.
He said according to the monthly review, an under recovery on diesel of -141,673 cents a litre and an under recovery on 95 octane unleaded petrol of -205,263 cents a litre on the basic fuel price ‘import party price’ landed at Walvis Bay as calculated on 25 June 2020.
“Under normal circumstances, such under recoveries would have warranted for an increase in the pump prices. However, with the prevailing economic hardships, the ministry has decided to keep fuel pump prices unchanged. This is coupled with the fact that the under recoveries have found the NEF in a healthy financial position,” Simon added.
The ministry will continue to monitor the market in the months ahead to see how best the prevailing pump prices can be brought on par with the market, Simon said.