Fuel prices to remain unchanged

The Ministry of Mines and Energy has announced that the petrol and diesel pump prices for March will remain unchanged - with octane unleaded petrol at N$7.310 per litre and diesel at N$7.191 per litre at the coast. The ministry said yesterday that a significant fluctuation in the price of crude oil was not observed over the course of this month, leaving prices hovering around US$60 per barrel. “However, the exchange rate for the month under review was quite high, at an average of N$ 11.5745 per US$1, said the statement. According to the ministry, even though the oil market remains oversupplied, the production of oil has been gradually moving to full capacity, while the demand has remained more or less constant since around the middle of last year. This explains why the oil price per barrel did not move up or down significantly. “In light of the present situation, Namibian oil traders will continue to import oil commodities at a relatively low price in the foreseeable future given that OPEC (Organisation of the Petroleum Exporting Countries) do not suddenly decide to cut its current production level, as this will have an immediate upward effect on the price of oil. Furthermore, the relatively low oil prices will continue to stimulate growth across the whole economic spectrum throughout the country, said the ministry said. WINDHOEK STAFF REPORTER