Namibia’s Ministry of Mines and Energy (MME) announced on Monday that it will implement significant reductions in fuel prices starting July 3. The price of petrol will be decreased by 80 Namibian cents per litre, equivalent to approximately 0.044 U.S. dollars. Diesel prices will also see reductions, with diesel 50ppm decreasing by 60 Namibian cents per litre and diesel 10ppm by 70 Namibian cents per litre.
According to the MME’s statement, the new pump price for petrol in Walvis Bay will be 22.20 Namibian dollars per litre. Diesel 50ppm will be priced at 21.57 Namibian dollars per litre, while diesel 10ppm will cost 21.67 Namibian dollars per litre. The ministry confirmed that fuel prices across the rest of the country will be adjusted accordingly.
The reduction in fuel prices follows a recent drop in oil prices to a four-month low. This decrease in global oil prices came after the Organization of the Petroleum Exporting Countries (OPEC) and its allies announced that they would maintain overall production levels steady until the end of 2025.
Additionally, the ministry noted that the exchange rate for the period from June 1 to June 25, 2024, showed a moderate 0.1 percent depreciation of the Namibian dollar against the U.S. dollar. This slight depreciation had a negligible impact on the overall drop in oil prices.
The MME’s decision to reduce fuel prices is expected to provide some relief to Namibian consumers and businesses, reflecting the broader trends in the global oil market.
