Namibia’s Ministry of Mines and Energy on Monday said that fuel prices will remain stable in December, which is expected to contribute to economic activities during the year-end festive season.
The price of unleaded petrol will remain at 13.05 Namibian dollars (0.90 U.S. dollars) per liter, while that of diesel will be pegged at 13.63 Namibian dollars (0.93 dollars) per liter.
Energy Minister Tom Alweendo said Namibia’s National Energy Fund, which aims to equalize fuel prices, is currently stable, and will absorb moderate under-recoveries on behalf of consumers.
“It is estimated that the subsidy will exceed around 2 million U.S. dollars,” he said, adding that under-recoveries usually call for an increase in fuel prices to fulfill fuel suppliers’ cost-recovery purposes.
Meanwhile, he said that there was no major disruption in the global oil market in November, which has kept the prices of refined oil at relatively stable levels.