Large cut in diesel price confirmed in SA
The petrol price in South Africa, which is Namibia’s key trading partner, will be cut by 65 cents on Wednesday, while diesel prices will be lowered by between R2.35 and R2.41 a litre.
The wholesale price of illuminating paraffin will fall by R1.71 a litre.
The latest changes will bring the Gauteng 95 petrol price down to R23.25 a litre, while the coastal price will be lowered to R22.53 - the lowest prices since August.
Diesel will cost R21.82 a litre in Gauteng from Wednesday, and R21.09 on the coast, also the cheapest since August.
According to the Namibia Statistics Agency (NSA), the domestic import bill stood at N$11.1 billion in September, with South Africa occupying the first position with a share of 40.2% of total imports.
Similarly, Namibia’s exports in September valued at N$7.8 billion were mainly destined for South Africa, accounting for 20.6% of total exports. Fuel is a key input in the transportation goods. Inflation stood at 6% in October.
South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars.
The average price of Brent crude oil over the past month was $82.62 a barrel, from $88.72 the previous month. The oil price has cooled due to increased production and fears over global economic growth.
The average rand/dollar rate over the past month has strengthened to R18.55, from R19.16 in the previous month.
Weaker-than-expected inflation data in the US has fuelled expectations that the Fed won't hike interest rates any further, which will make the dollar less attractive for investors looking for yield.
In November, the price of petrol was lowered by R1.78 a litre, while diesel was cut by more than 80c.-Fin24
-Additional Reporting by Phillepus Uusiku
The wholesale price of illuminating paraffin will fall by R1.71 a litre.
The latest changes will bring the Gauteng 95 petrol price down to R23.25 a litre, while the coastal price will be lowered to R22.53 - the lowest prices since August.
Diesel will cost R21.82 a litre in Gauteng from Wednesday, and R21.09 on the coast, also the cheapest since August.
According to the Namibia Statistics Agency (NSA), the domestic import bill stood at N$11.1 billion in September, with South Africa occupying the first position with a share of 40.2% of total imports.
Similarly, Namibia’s exports in September valued at N$7.8 billion were mainly destined for South Africa, accounting for 20.6% of total exports. Fuel is a key input in the transportation goods. Inflation stood at 6% in October.
South African fuel prices are largely determined by international oil costs and the rand exchange rate, as oil is priced in dollars.
The average price of Brent crude oil over the past month was $82.62 a barrel, from $88.72 the previous month. The oil price has cooled due to increased production and fears over global economic growth.
The average rand/dollar rate over the past month has strengthened to R18.55, from R19.16 in the previous month.
Weaker-than-expected inflation data in the US has fuelled expectations that the Fed won't hike interest rates any further, which will make the dollar less attractive for investors looking for yield.
In November, the price of petrol was lowered by R1.78 a litre, while diesel was cut by more than 80c.-Fin24
-Additional Reporting by Phillepus Uusiku
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