Fuel prices to drop again

FUEL prices will drop next week, bringing welcome relief to farmers, the transport industry and car owners.

The Ministry of Mines and Energy will reduce petrol prices by 40 cents a litre and diesel by 95 cents at one minute past midnight on Wednesday, October 15. In a statement issued yesterday, Minister Erkki Nghimtina said pump prices at Walvis Bay for 93 octane lead replacement petrol would then be N$8.43 per lire, while 95 octane unleaded petrol would cost N$8.45.Diesel will cost N$9.35 a litre.The Minister said crude oil prices dropped from a historic high of US$147 dollars a barrel in July to below US$100 recently.”Crude oil production has also increased, which might translate into reduced prices in the market,” Nghimtina said.In a statement issued yesterday, Minister Erkki Nghimtina said pump prices at Walvis Bay for 93 octane lead replacement petrol would then be N$8.43 per lire, while 95 octane unleaded petrol would cost N$8.45.Diesel will cost N$9.35 a litre.The Minister said crude oil prices dropped from a historic high of US$147 dollars a barrel in July to below US$100 recently.”Crude oil production has also increased, which might translate into reduced prices in the market,” Nghimtina said.