The Ministry of Mines and Energy has announced that fuel pump prices will remain unchanged this month. In a statement on Thursday, Minister of Mines, Obed Kandjoze, said overall prices of oil products fell during May. The prices are pressured by investor concerns that production cuts by the world's big oil exporters may not be enough to drain a global glut, that has depressed the market for almost three years. The Organisation of the Petroleum Exporting Countries, including Russia, recently agreed to strictly control supply until after the first quarter of 2018 - nine months longer than originally planned. The results of the latest fuel price review indicate that the average prices per barrel reduced both for petrol and diesel. The Ministry of Mines and Energy, in conjunction with the Ministry of Finance, has resolved to increase Road User Charges on all petroleum products by eight cents per litre, as the money is needed for upgrades and maintenance of Namibia's road network. The Ministry has, however, resolved to balance out this increase, by reducing pump prices of all fuel products, by eight cents per litre. In essence, the Road User Charge has increased, but fuel pump prices remain unchanged, due to favourable over-recoveries that have absorbed both of these adjustments. This means that fuel pump prices in Walvis Bay and countrywide, will remain unchanged.