Namibia: Relief for Motorists As October Fuel Prices to Go Down

30 September 2024
Namibia Economist (Windhoek)

The price of petrol prices and that of both diesel grades will go down by N$1 per litre, effective 2 October, the Ministry of Mines and Energy (MME) announced in a statement on Saturday.

The ministry said the petrol price at the pump price in Walvis Bay would adjust to N$20.25 per litre, diesel 50ppm N$19.72 per litre, and diesel 10ppm N$19.82 per litre.

"Fuel prices have been on a downward trend since June. The decline in oil prices is attributed to the lower cost per barrel of crude oil which is forecast to continue in October. This is driven by slower economic activity, particularly in China, which has led to the reduced global oil demand," the ministry said.

In addition, the Namibian dollar has strengthened against the United States dollar, with the exchange rate at N$17.75 compared to N$18.09 in August. This has significantly reduced oil prices, as oil is traded in U.S. dollars in the international oil markets.

Meanwhile, the ministry remains hopeful that the market will improve and be favorable, especially for net fuel-importing countries like Namibia.

Read the original article on Namibia Economist.

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