The Ministry of Industries, Mines and Energy has announced that fuel prices for both diesel and petrol will remain unchanged for the month of May.
This follows last month’s reductions of 50 cents per litre for petrol and 80 cents per litre for both diesel variants.
As a result, current prices at Walvis Bay will remain at N$20.67 per litre for petrol, N$20.62 per litre for diesel 50ppm, and N$20.72 per litre for diesel 10ppm.
The Ministry attributed the decision to maintain prices to Namibia’s fuel pricing model recording over-recoveries in April.
These included 13.357 cents per litre for petrol, 17.394 cents per litre for 50ppm diesel, and 25.829 cents per litre for 10ppm diesel.
According to the Ministry, the over-recoveries were due to several factors, including a decline in crude oil prices during the month as a result of increased global supply and a weakened demand outlook.
“OPEC+ continued with a planned production increase, adding more barrels to the market, while non-OPEC countries like the United States maintained high output levels,” said Executive Director Ben Nangombe.
He further explained that escalating global trade tensions, driven by Trump-era tariffs and reciprocal measures, raised fears of slower economic growth.
This, in turn, he said, led to reduced oil demand forecasts, which put downward pressure on oil prices.
