The Ministry of Mines and Energy has announced an increase in fuel prices, effective Wednesday, February 5, 2025, citing rising global oil prices and currency depreciation as key drivers.
Petrol prices will rise by N$0.42 per litre, while both diesel 50ppm and 10ppm will increase by N$1.20 per litre.
The adjustment brings the new fuel prices at Walvis Bay to N$20.67 per litre for petrol, N$20.92 for diesel 50ppm, and N$21.02 for diesel 10ppm.
The ministry attributed the hike to a 4.5% surge in petrol prices and a 7% increase in diesel prices on the international market.
The average January 2025 price for Petrol 95 was recorded at USD87.41 per barrel, while Diesel 50ppm and 10ppm stood at USD94.69 and USD94.83 per barrel, respectively.
“The current increased oil demand, particularly in the Northern Hemisphere due to winter effects, has significantly contributed to the rise in fuel prices. Additionally, the depreciation of the Namibian Dollar by 2.9% against the US Dollar has further impacted import costs,” the ministry said.
Geopolitical tensions, sanctions on major oil-producing countries, and OPEC+ production cuts have also constrained global supply, pushing crude oil prices higher.
To cushion consumers, the National Energy Fund will absorb part of the under-recoveries, preventing an even steeper price adjustment.
“The announced increases are only a partial adjustment, aimed at mitigating the full impact of global price shifts on Namibian consumers,” the ministry said.
