(Ecofin Agency) - In Namibia, the Ministry of Mines and Energy has revealed that petrol and diesel pump prices for March will be reduced on March 2, 2016.

According to Mines and Energy minister, Obeth Kandjoze (photo), the retail price 95 Octane Unleaded Petrol, will reduce by 50 cents per litre while the wholesale price of all grades of diesel is to reduce by 30 cents per litre.

He said global oil glut is still affecting oil prices in spite of several meetings held by OPEC to stop the situation.

“Although oil prices are low globally, local motorists have not enjoyed the full benefits in the form of low fuel pump prices due to a sudden increase in the exchange rate of the Namibia dollar against the US dollar. As we might all know, oil is traded in US dollar, and an appreciation in the US dollar meant that local oil importers had to pay more in terms of the local currency to bring oil to our shores. The average US dollar /Namibia dollar exchange rate for the period under review was N$15, 82, slightly higher than the previous months,” he told the Namibian.

Anita Fatunji