THE Ministry of Mines and Energy has announced that the price of petrol will decrease by 30 cents per litre, while the prices of both diesel variants — Diesel 50ppm and Diesel 10ppm — will decrease by 70 cents per litre.
Eshioshange Hasheela, Chief Public Relations Officer within the Ministry of Mines and Energy, explained that during May 2025, diesel prices decreased globally due to a combination of oversupply fears and weakening demand.
“OPEC+ signalled a potential increase in production, raising concerns about a saturated market and further depressing prices. Global economic uncertainty, exacerbated by trade tensions, also contributed to reduced crude demand. As a result, crude oil prices fell below US$80 per barrel, reflecting a bearish market outlook,” Hasheela explained.
She added that the Namibian dollar also strengthened against the US dollar, contributing to improved buying power.
As a result, the Ministry recorded over-recoveries of 36.467 cents per litre on petrol, 79.608 cents per litre on Diesel 50ppm, and 87.383 cents per litre on Diesel 10ppm.
