The Ministry of Mines and Energy has announced an 80 cents cut in the petrol price, 60 cents for diesel 50ppm, and 70 cents for diesel 10ppm, effective Wednesday.
The decision means that in Walvis Bay, the price of petrol will be N$22.20 per litre, diesel 50ppm will be N$21.57 per litre, and diesel 10ppm will be N$21.67 per litre.
According to the Ministry of Mines and Energy, the price cuts, which come after a review of global oil prices and domestic fuel pricing models, identified over-recoveries of 120.857 cents per litre on petrol, 96.398 cents per litre on diesel 50ppm, and 111.915 cents per litre on diesel 10ppm.
“Oil prices recently dropped to a four-month low, following the announcement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that they would maintain the overall production levels steady until the end of 2025. This decision was made during the OPEC+ meeting this month,†the ministry said on Monday.
The government department also announced a raise in industry margins by 23 cents per litre, to 189 cents per litre, dealer margins for service station operators by 9 cents per litre, bringing them to 192 cents per litre, while road transport costs will see a 15% increase to facilitate efficient fuel distribution across the country.
“This adjustment is crucial for oil companies to maintain a fair return on their substantial investments,†the Ministry of Mines and Energy said.
