No increase in pump prices

Fuel prices in Namibia will remain unchanged next month, the ministry of mines and energy said yesterday. Transport is the third biggest item in the local consumer basket after food and housing: Out of every N$100 disposable income, the average consumer spends N$14.28 on transport. Inflation for the operation of personal transport equipment, which includes fuel, has been in deflation since April. Last month the rate was -3.5% compared to 2% in September 2019. According to the latest stats by the Bank of Namibia (BoN), the country consumed 226.3 million litres of fuel in the second quarter, nearly 22% less than the same three months in 2019. Travel restrictions due to Covid-19 partly contributed to the decrease, the BoN says. Photo Nampa/Reuters