The Ministry of Mines and Energy has announced that fuel prices will remain unchanged for August due to decreased shipping costs.
At Walvis Bay, petrol will stay at N$22.20 per litre, diesel 50ppm at N$21.57 per litre, and diesel 10ppm at N$21.67 per litre. Fuel prices across the country will also remain the same.
According to the Ministry, “having considered all input factors, we recorded an over-recovery of 18.268 cents per litre on petrol, 7.393 cents per litre on diesel 50ppm, and 13.258 cents per litre on diesel 10ppm.”
Despite increased oil production in July by the US and other non-OPEC members, global oil prices have risen due to geopolitical tensions.
However, “a reduction has been observed in the shipping and freight costs for vessels that bring the oil to the country from the international oil markets”.
The over-recoveries are attributed to a stronger domestic currency and this provides an opportunity to stabilize the national slate account and better absorb future market fluctuations.
“The Ministry acknowledges the volatile international oil market and the need to enhance domestic shock absorption. We will monitor developments closely and protect consumers as much as possible,” the Ministry stated.
For July 2024, the average price of Unleaded Petrol 95 was USD99.125 per barrel, up from US$95.278 in June, an increase of US$3.847 per barrel (4.04%).
Diesel 50ppm averaged USD98.633 per barrel, up USD3.358 (3.52%), and Diesel 10ppm averaged US$98.992 per barrel, up US$3.328 (3.48%).
Additionally, the Namibia Dollar appreciated by 1.09% against the US$, with the exchange rate at N$18.21 per US$ compared to N$18.41 per USD at the end of June, thanks to a stronger South African Rand.
