Namibia’s Minister of Mines and Energy Tom Alweendo on Monday assured Namibians that pump fuel price will not change in the month of October.
In a statement, Alweendo said the average exchange rate improved slightly in favour of Namibia last month, thus the end result are moderate under recoveries recorded on fuel pump price.
“Traditionally, under-recoveries call for equivalent increases in local fuel pump prices. However, the National Energy Fund which absorbs under-recoveries on behalf of consumers from time to time, is in a stable financial position and will, thus, absorb the under- recoveries recorded this month,” said Alweendo.
Meanwhile, according to the ministry, the 2017 Petroleum Activities Return (PAR) report indicates that oil companies are failing to generate sufficient returns on their investments in the petroleum sector, thus an adjustment in their margins to a level that would encourage sustainability and further investment is required. Enditem