The Ministry of Mines and Energy will reduce petrol prices by 40 cents a litre and diesel by 95 cents at one minute past midnight on Wednesday, October 15.

In a statement issued yesterday, Minister Erkki Nghimtina said pump prices at Walvis Bay for 93 octane lead replacement petrol would then be N$8.43 per lire, while 95 octane unleaded petrol would cost N$8.45.

Diesel will cost N$9.35 a litre.

The Minister said crude oil prices dropped from a historic high of US$147 dollars a barrel in July to below US$100 recently.

"Crude oil production has also increased, which might translate into reduced prices in the market," Nghimtina said.

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