'Axed' Moetie rallies BA supporters
CASSIUS Moetie still regards himself Black Africa's interim executive committee chairperson until the club's supporters decide otherwise.
THE Ministry of Mines and Energy has reduced diesel prices by 30 cents per litre for the month of March 2020, while unleaded petrol prices remain unchanged.
The ministry cited worries about the economic damage caused by the novel coronavirus (COVID-19) globally.
Energy minister Tom Alweendo yesterday said the virus that spread from China to more than 20 countries had resulted in refined oil prices falling from between US$70 and US$75 per barrel in January for petrol and diesel, respectively, to between US$65 and US$67 per barrel in February 2020.
The global death toll from coronavirus is about 3000 to date, and infection numbers are in thousands.
“Speculation is that prices might come below US$50 per barrel in the near future,” said Alweendo.
He also said the exchange rate between the Namibia dollar against the US dollar has also depreciated and, as a result offset the benefits of a decline in oil prices, although partially only.
“It depreciated from an average of N$14,40 in January to a monthly average of N$14,80 in February 2020. Filtered through the local market, petrol emerged with minimal over-recoveries while diesel recorded significantly high over-recoveries,” the minister said.
The diesel adjustment would be the first in eight consecutive months of no movement in the fuel pump prices.
Alweendo said although adjustments might have been needed in some of those months, the prices remained unchanged because the government wanted to spare consumers the extra economic burdens.
Diesel prices for March are N$13,33 per litre, while petrol prices remain at N$13,05.
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