The Ministry of Mines and Energy on Monday announced that petrol and diesel prices remain unchanged for the month of April.
The ministry in a media statement said petrol prices in Walvis Bay will remain at N.dollars 19.78 per litre and the prices of both diesel products will remain N.dollars 20.65 per litre.
The effective date of the introduction of the regulated prices of diesel parts per million (ppm) in the Government Gazette is 05 April 2023 at 00h01, it said.
This comes after the ministry resolved to introduce a new model for calculating the basic fuel price (BFP) or import parity price for all price-controlled petroleum products. The oil industry was duly consulted throughout the review process and the new model was approved by Minister Tom Alweendo for implementation with effect from 01 April 2023.
The ministry, it noted, recorded a combination of over and under-recoveries on petrol and both diesel products, namely an under-recovery of 29 cents per litre on petrol and over-recoveries of 75 cents per litre on diesel 50ppm and 64 cents per litre on 10ppm, respectively.
In the same vein, the ministry said it remains hopeful that the situation in the oil market will continue to improve, especially for oil price takers like Namibia, so that fuel consumers can expect to have lower fuel prices at the pumps.