Fuel prices to decrease

The Ministry of Mines and Energy has announced a fuel price decrease for July, following a decline in global oil prices over the past month.

The price of petrol in Namibia will decrease by 80 cents per litre on Wednesday, while the price of diesel 50ppm will be cut by 60 cents per litre and the price of diesel 10ppm will decrease by 70 cents per litre, the ministry has announced.

After the price decrease, fuel prices at Walvis Bay will be N$22,20 per litre of petrol, N$21,57 per litre of diesel 50ppm and N$21,67 per litre of diesel 10ppm.

The ministry attributes the decrease to a confluence of factors, including the Organisation of the Petroleum Exporting Countries’ decision to maintain production levels until the end of 2025. This is coupled with ongoing global economic concerns which has led to a drop in consumer confidence and a subsequent decrease in oil prices.

The ministry’s data highlights that the average price of unleaded petrol 95 (ULP 95) dropped from US$98,83 per barrel at the end of May to US$94,73 in June, representing a 4,15% decrease.

Diesel prices also saw a slight decline, with diesel 50ppm decreasing by 0,05% and diesel 10ppm by 0,3%.

“While the Namibia dollar depreciated slightly against the United States dollar, this depreciation had a negligible impact compared to the overall drop in oil prices,” notes the ministry.

Fuel prices were increased in May, when the price of petrol rose by 70 cents per litre and the price of both diesel grades increased by 40 cents per litre.

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