Page 15 - DMEA Week 35 2021

DMEA NEWS IN BRIEF DMEA

the average price per barrel of petrol has monthly average of N$14,52 recorded in July Mediterranean and dangerously approaches
dropped from US$85,72 to US$82,66, and to N$14,74 recorded for August. Cyprus’s northern coastline.
from US$79,34 to US$75,51 for a barrel of A depreciation causes increases in local The oil spill at the Baniyas power plant in
diesel. fuel prices. Andreas says for August, the fuel Damascus, which is estimated to be 20,000
Under normal circumstances, a decrease review has shown an under-recovery of 101 tons of fuel, was first reported by Syrian
in international barrel prices would result in a cents on petrol, and 42 cents on diesel. officials on August 23 and declared an
reduction in local prices as well. While the above decreases would have (unspecified) accident.
However, the ministry has increased prices been entirely passed on to consumers, Since then, the slick has been floating
to ensure a balance between stimulating the Andreas says considering the economic across the Mediterranean Sea, until on
local economy, as well as maintaining fuel environment, only part of the under-recovery Wednesday the winds seemed to direct it
prices which best reflect the market. was passed on, while the remainder was borne towards Cyprus’s northeastern tip, an area
August’s prices were kept unchanged in an by the National Energy Fund. that falls under jurisdiction of both the Greek
attempt to revive economic activity, following Andreas says despite this increase, Namibia Cypriot government and the Turkish Republic
Covid-19 restrictions that strained several still has some of the lowest pump prices in of Northern Cyprus, recognized by Ankara.
aspects of the economy. In September, diesel southern Africa. Both countries have moved to try to
will cost N$13,88 per litre, while a litre of South African pump prices are at N$17,38 contain the spillage, with Turkey sending
petrol will cost N$14,15. This is the first time for petrol and N$17, 01 for diesel. ships to harness and collect the fuel and
fuel prices have soared this high. The only NAMIBIAN Cyprus deploying an anti-pollution vessel
time they came close to this was about two made available by the European Union.
years ago. According to ministry spokesperson In a lucky turn of events, shifting winds on
Simon Andreas, international oil prices have TERMINALS & SHIPPING Wednesday changed the direction the oil spill
started falling amid an uncertain future due to was following and pushed it away from the
the Covid-19 pandemic. Turkish and Cypriot coast.
Another factor weighing down prices is the “The weather conditions continue to be
slowdown in the performance of the Chinese authorities on alert over in our favor,” said Cyprus’s Tourism and
and American economies. Environment Undersecretary Serhan Aktunc.
Since Namibia imports all of its fuel, the Syrian oil spill CGTN
exchange rate between the United States
(US) and Namibia dollars plays a role in Authorities in Cyprus and Turkey are closely
determining local oil prices. monitoring the slick that originated from
For August, the Namibia dollar marginally an oil spill in a thermal station in Syria last
depreciated against the US dollar from the week, as the leaked fuel spreads across the

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