Fuel price unchanged for August
The fuel price for August will remain unchanged. In a release by the mines and energy ministry, Minister Obeth Kandjoze said although the Organisation of Petroleum Exporting Countries (OPEC), along with other producers, are complying with the agreed-upon 1.8 million barrels per day, “oil prices still held near multi-month lows up to June”.
“Hence, the production cut by OPEC has not yet made an impact on the global inventory as US sales have increased. On Monday, OPEC agreed that Nigeria would join the pact by capping, or even cutting its output from 1.8 million barrels per day, once it stabilises at that level, from 1.7 million,” the minister said.
Good news for consumers is that there is a distinct possibility that the oil price could be headed to the low US$40s mark in the months to come.
The exchange rate between the Namibia dollar and US dollar has weakened implying that importing oil has become more costly in July but over- and under-recoveries on unleaded fuel and 50 and 500ppm diesel do not warrant any fuel price adjustment.
STAFF REPORTER
“Hence, the production cut by OPEC has not yet made an impact on the global inventory as US sales have increased. On Monday, OPEC agreed that Nigeria would join the pact by capping, or even cutting its output from 1.8 million barrels per day, once it stabilises at that level, from 1.7 million,” the minister said.
Good news for consumers is that there is a distinct possibility that the oil price could be headed to the low US$40s mark in the months to come.
The exchange rate between the Namibia dollar and US dollar has weakened implying that importing oil has become more costly in July but over- and under-recoveries on unleaded fuel and 50 and 500ppm diesel do not warrant any fuel price adjustment.
STAFF REPORTER
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