The price of petrol dropped by 30 cents a litre while diesel went down by 25 cents a litre.

This means that unleaded petrol at Walvis Bay now costs N$6,04 a litre, lead replacement petrol is N$6,02 a litre and a litre of diesel now costs N$6,08.

Announcing the move, Mines Minister Erkki Nghimtina said the strengthening of the Namibian dollar against the US dollar over the past three months, and a substantial drop in international oil prices, had led to an over-recovery in the local market.

Crude oil prices have dropped from mid-year highs of US$78 a barrel to around US$60 per barrel.

"At present the Ministry of Mines and Energy would like to pass the benefit of over-recoveries accrued during November 2006 ...

onto the consumer to ease the burden imposed on them," said Nghimtina.

Consumers have been hit by five petrol price hikes this year alone.

The Ministry attributed all the increases to the then high and volatile oil prices.

Namibia's fuel price revision comes after South Africa - from where Namibia imports most of its fuel - last week announced a second price cut for all grades of petrol.

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