File picture: Timothy Bernard / Independent Media.

WINDHOEK - Namibian Minister of Mines and Energy Tom Alweendo said Monday that the country's fuel prices for November will remain unchanged due to stability in global oil market throughout October.

The prices of 95 Octane Unleaded Petrol and Diesel 50 ppm will keep at 13.05 Namibian dollars ($0.86) per liter and 13.63 Namibian dollars per liter, respectively.

There were no major events to trigger major fluctuations in the prices of refined oil, and prices came down on average compared with the previous month, Alweendo said in a statement.

The minister said there were no significant fluctuations in the exchange rate between the Namibian dollar and the US dollar throughout October as it slightly depreciated, on average, from 14.80 Namibian dollars in September to 14.90 Namibian dollars in the period under review. 

Namibia's economy is projected to gradually emerge from recession in 2020 with a moderate growth rate of about 0.8 percent and about 1.3 percent by 2021, averaging 2 percent over the next Medium Term Expenditure Framework (MTEF), a government official said.

"This marks a third consecutive year of recession," he added. According to Schlettwein, on the demand side, the government expects a moderate recovery in domestic consumption demand and other elements of final demand as some of the planned public and private sector investments come online and the rebound of exports from mining activity.

For this year the economy is estimated to contract by about 1.5 percent relative to the growth rate of 0.2 percent estimated in the Budget, Namibia's Minister of Finance, Calle Schlettwein said in his Mid-Term budget review policy statement for 2019/20 he delivered on Tuesday.

XINHUA