Metro

Namibia set to crash price of fuel after OPEC announcement

Namibia says it will decrease the price of petrol by 80 Namibian cents per liter (about 0.044 U.S. dollars).

Similarly, diesel 50ppm will be leased by 60 Namibian cents per liter, and diesel 10ppm by 70 Namibian cents per liter, effective from July 3.

The Ministry of Mines and Energy (MME) announced this on Tuesday.

In a statement, MME said that the 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 will cost 21.67 Namibian dollars per liter.

Fuel prices across the rest of the country will be adjusted accordingly, the ministry added.

“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.

Furthermore, the ministry noted that the exchange rate for June 1 to June 25, 2024, showed a moderate 0.1 per cent depreciation of the Namibian dollar against the U.S. dollar, which had a negligible impact on the overall drop in oil prices.

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