Niël Terblanché
Motorists, along with consumers across the country, will breathe a little easier at the pumps in April following the government’s announcement of a reduction in fuel prices.
Effective Wednesday, 2 April, the price of petrol will drop by 50 cents per litre, while both 50ppm diesel and 10ppm diesel will be reduced by 80 cents per litre.
According to a statement issued by the Ministry of Mines and Energy, the lower prices are the result of over-recoveries recorded during March.
“The fuel pricing model recorded over-recoveries of 58.77 cents per litre for petrol, 82.88 cents per litre for diesel 50ppm, and 91.07 cents per litre for diesel 10ppm,” the ministry stated.
This development follows a global decline in oil prices, with Brent crude dropping by approximately 7.2% to around US$70 per barrel. Increased oil production from non-OPEC countries such as the United States, Brazil, and Guyana contributed to oversupply and subsequent downward pressure on prices.
The ministry also cited progress in peace negotiations between Russia and Ukraine as a factor improving market sentiment.
“Protective trade tariff announcements by the USA have heightened concerns about global economic stability, trade tensions, and reduced demand expectations,” the ministry warned.
Domestically, the Namibian Dollar appreciated by 1.18% against the United States Dollar, averaging N$18.26 per USD in March.
This made fuel imports slightly more affordable.
The Namport handling and wharfage tariff was also adjusted from 4.40 cents per litre to 4.60 cents per litre, a routine annual revision that was factored into the new pricing.
In Walvis Bay, the new pump prices will be N$20.67 per litre for petrol, N$20.62 for diesel 50ppm, and N$20.72 for diesel 10ppm.
Fuel prices across the rest of the country will be adjusted according to the distance from Walvis Bay.
The Ministry confirmed it will continue monitoring global and local developments to inform future pricing decisions.
