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Local News|
Wednesday, February 16, 2005 - Web posted at 7:07:33 GMT Relief for consumers as fuel prices roll over TONDERAI KATSWARAFUEL pump prices, which were expected to go up today, have been rolled over as the Government this week decided that no fuel price change would take place this month. |
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Mines and Energy Minister Dr Nickey Iyambo last month announced that fuel prices would now be reviewed on a monthly basis due to the volatility of international crude oil prices. Although oil prices were expected to stay high and volatile, the Ministry of Mines and Energy says some unit over-recoveries were realised on petrol. The import parity prices are now higher on domestic pump prices of leaded and unleaded petrol. The diesel price is said to be under-recovering, but the Government said this cost would be absorbed within the National Energy Fund and not passed on to the consumer. "The influence of fuel prices on Namibian commodity prices cannot be over-emphasised and the impact that negative changes have on the Namibian economy were already elaborated last month. We are glad to announce that the price has again been kept at the same level for this month to try and alleviate additional cost increases to the consuming public and in the overall national interest," said Iyambo yesterday. On the international scene there seems to be little to undermine the current strength of oil prices, and at its meeting on January 30, the Organisation of Petroleum Exporting Countries decided not to cut production and left open the possibility of an output cut before its next meeting next month. |
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