Namibia’s Ministry of Mines and Energy announced on Friday that petrol and diesel pump prices for July will decrease on July 5.

The ministry in a statement said that the exchange rate between the Namibia dollar against the U.S. dollar has been favorable.

“The average exchange rate for June 2017 was 0.99 U.S. dollars (12.88 Namibian dollars) compared to May’s average of 1.01 U.S. dollars. This means that importing fuel to our shore was less costly in June compared to the preceding month of May,” said Namibia’s Energy Minister Obeth Kandjoze in a statement.

Furthermore he said the cost for shipping oil tankers also decreased in June as assessed by the London Tankers Broker, recording 145.70 dollar per tonne compared to 151.30 dollar in May.

According to the minister, when all the aforementioned cost elements were filtered through the local market, substantial over-recoveries were recorded.

“For the past few months consumers have not gotten a relief at the pumps because the results of the Basic Fuel Price model were not favorable. It is only fair that they get some relief this time around when the conditions are favourable,” he added.

Enditem

Source: Xinhua/NewsGhana.com.gh