Namibia: Stabilising Oil Prices Leave Local Fuel Unchanged for May

30 April 2021

Sudden price stabilisation in international oil prices after almost five months of continuous increases has resulted in the mines and energy ministry keeping Namibian fuel prices unchanged for the month of May. This means fuel pump prices in Walvis Bay will remain at N$13.15 per litre for petrol and N$13.18 per litre for diesel, while prices across the rest of the country will also remain unchanged at their current respective levels.

"The international oil market has been hit by fears of a slowdown in oil demand after India, the world's third-largest oil importer after China and the United States, imposed restrictions as coronavirus infections and deaths surged to record highs. Japan, the world's fourth-biggest oil importer, is also expected to announce a wave of lockdowns due to Covid-19. Fears of a decline in the demand for oil across Asia are, however, counteracted by the decline in Libya's oil production due to internal problems. These developments have a direct impact on the global demand and supply equation for oil, and the markets have reacted accordingly," explained ministry spokesperson Andreas Simon via a media statement.

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