Namibia cuts fuel prices

A motorist holds a fuel pump at a Gulf petrol station in London in this April 18, 2006 file photo. Oil dropped nearly 2 percent on March 20, 2012 as Saudi Arabia sought to knock back crude's price rise that has threatened the global economy, with the oil minister offering the most detailed argument to date that the OPEC nation was prepared to meet any supply shortfall. REUTERS/Luke MacGregor/Files (BRITAIN - Tags: BUSINESS ENERGY COMMODITIES)

A motorist holds a fuel pump at a Gulf petrol station in London in this April 18, 2006 file photo. Oil dropped nearly 2 percent on March 20, 2012 as Saudi Arabia sought to knock back crude's price rise that has threatened the global economy, with the oil minister offering the most detailed argument to date that the OPEC nation was prepared to meet any supply shortfall. REUTERS/Luke MacGregor/Files (BRITAIN - Tags: BUSINESS ENERGY COMMODITIES)

Published Jan 30, 2015

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Windhoek - Petrol and diesel prices in Namibia will drop by more than one Namibian dollar from next week, government announced on Friday.

“The petrol price will drop by one Namibian dollar per litre from 4 February and diesel by one Namibian dollar and twenty cents,” the mines and energy ministry said in a statement.

Three weeks ago, the ministry decreased petrol and diesel prices by 60 cents each.

Fuel prices have fallen by nearly two Namibian dollars in one month.

“The global price of crude oil, which has been around US100 per barrel for the past six years, has been collapsing in the past months and is now below US50,” the ministry said.

“The supply of oil has increased sharply in recent months, mainly because of the prolific production of shale oil in the United States.”

Sapa

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