Namibia has announced a reduction in fuel prices, effective from July 3. The price of petrol will decrease by 80 Namibian cents per liter (approximately 0.044 U.S. dollars). Diesel 50ppm will be reduced by 60 Namibian cents per liter, and diesel 10ppm by 70 Namibian cents per liter.
The Ministry of Mines and Energy (MME) made this announcement on Tuesday. According to the statement, the new pump price of petrol in Walvis Bay will be 22.20 Namibian dollars per liter, while diesel 50ppm will be priced at 21.57 Namibian dollars, and diesel 10ppm at 21.67 Namibian dollars per liter. Fuel prices across the rest of the country will be adjusted accordingly.
“Oil prices recently dropped to a four-month low following the announcement by the Organisation of the Petroleum Exporting Countries and its allies that they would maintain overall production levels steady until the end of 2025,” the ministry said.
The ministry also noted that the exchange rate for June 1 to June 25, 2024, showed a slight 0.1 percent depreciation of the Namibian dollar against the U.S. dollar, which had a negligible impact on the overall decrease in oil prices.
