Staff Writer
Namibians will not see any changes in fuel prices this November. The Ministry of Industries, Mines and Energy announced today that petrol and diesel prices will remain the same despite movements in global oil markets.
According to the ministry, international oil prices dropped in October, with Brent crude oil trading at about US$61.50 a barrel (around N$1,060). The fall in prices was mainly caused by a growing global supply as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) increased production, while demand for oil continued to slow down.
The ministry said the Namibia Dollar strengthened slightly against the US Dollar during October, which helped offset higher import costs. However, the overall impact of international market changes was not enough to justify a fuel price cut.
Based on its pricing calculations, the ministry recorded a small over-recovery on petrol and slight under-recoveries on diesel. This means that, although global petrol prices fell, diesel prices remained slightly higher on international markets.
To help fuel importers stay financially stable and maintain supply across the country, the ministry increased the industry margin by 30 cents per litre, bringing it to 219 cents per litre. The increase will be covered by the National Energy Fund.
As a result, pump prices across the country will stay the same: petrol remains N$20.37 per litre, diesel 50ppm stays at N$19.92, and diesel 10ppm remains at N$20.02.
Executive Director Woel Moses Pakote said the ministry’s decision aims to balance affordability for consumers with the sustainability of the fuel supply system.
“The Ministry remains committed to ensuring stable, affordable and reliable fuel supply for the country,” Pakote said in a statement released today.
Namibians will not see any changes in fuel prices this November. The Ministry of Industries, Mines and Energy announced today that petrol and diesel prices will remain the same despite movements in global oil markets.
According to the ministry, international oil prices dropped in October, with Brent crude oil trading at about US$61.50 a barrel (around N$1,060). The fall in prices was mainly caused by a growing global supply as the Organization of the Petroleum Exporting Countries and its allies (OPEC+) increased production, while demand for oil continued to slow down.
The ministry said the Namibia Dollar strengthened slightly against the US Dollar during October, which helped offset higher import costs. However, the overall impact of international market changes was not enough to justify a fuel price cut.
Based on its pricing calculations, the ministry recorded a small over-recovery on petrol and slight under-recoveries on diesel. This means that, although global petrol prices fell, diesel prices remained slightly higher on international markets.
To help fuel importers stay financially stable and maintain supply across the country, the ministry increased the industry margin by 30 cents per litre, bringing it to 219 cents per litre. The increase will be covered by the National Energy Fund.
As a result, pump prices across the country will stay the same: petrol remains N$20.37 per litre, diesel 50ppm stays at N$19.92, and diesel 10ppm remains at N$20.02.
Executive Director Woel Moses Pakote said the ministry’s decision aims to balance affordability for consumers with the sustainability of the fuel supply system.
“The Ministry remains committed to ensuring stable, affordable and reliable fuel supply for the country,” Pakote said in a statement released today.
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