Strong regulatory framework required for positive impact from oil revenues

Staff Writer The Minister of Mines and Energy, Tom Alweendo said the discovery of oil in Namibia will not necessarily make petrol pump prices cheaper. Alweendo said this in a ministerial statement in the National Assembly yesterday to answer to frequently asked questions coming with an oil discovery in a country. The minister said another obvious question that follows this is, would it be cheaper if we were to invest in a refinery to process the crude locally. With the skyrocketing prices currently experienced, Namibians are looking for cheaper alternatives suggesting that the country imports from Angola, where refined fuel…