Namibia’s Ministry of Mines and Energy (MME) has announced a significant decrease in fuel prices, effective July 3.
The price of petrol will drop by 80 Namibian cents per liter, equivalent to approximately 0.044 U.S. dollars. Additionally, diesel prices will also see reductions: diesel 50ppm by 60 Namibian cents per liter and diesel 10ppm by 70 Namibian cents per liter.
In a statement released on Tuesday, the MME detailed the new pricing structure.
As of July 3, the pump price of petrol in Walvis Bay will be set at 22.20 Namibian dollars per liter. Diesel 50ppm will be priced at 21.57 Namibian dollars per liter, and diesel 10ppm will cost 21.67 Namibian dollars per liter. The ministry indicated that fuel prices across the rest of the country will be adjusted accordingly.
The ministry attributed the decrease in fuel prices to a recent drop in global oil prices.
“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 MME stated.
The statement also noted that the exchange rate for June 1 to June 25, 2024, showed a moderate 0.1 percent depreciation of the Namibian dollar against the U.S. dollar. However, this slight depreciation had a negligible impact on the overall reduction in oil prices.
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