Staff Reporter
NAMIBIA says its fuel supply remains secure for the next two to three months despite rising global oil prices linked to escalating tensions in the Middle East, while South Africa has announced fuel price increases for March driven by higher crude costs and international market pressures.
Industries, mines and energy minister Modestus Amutse told parliament on Tuesday that although Brent crude prices have surged amid geopolitical uncertainty and concerns over potential disruptions in the Strait of Hormuz, Namibia’s immediate oil security is “not a serious concern”.
He said the government is closely monitoring developments before deciding on any adjustment to local pump prices. Fuel prices in Namibia remain unchanged for March, with ULP95 petrol in Walvis Bay at N$19.58 per litre, diesel 50ppm at N$19.63 and diesel 10ppm at N$19.73.
Amutse added that Namibia sources fuel from multiple regions, including the Middle East, India and the European Union, providing supply flexibility. Future price decisions, he said, will depend on how the geopolitical situation unfolds and on available stock levels.
In contrast, South Africa will implement an increase in fuel prices, petrol increased by 20 cents per litre, while diesel increased by 62 (500ppm) and 65 (50ppm) cents per litre. This will see the prices per litre of ULP95 petrol rising to R19.47 at the coast and R20.30 inland, where the cheaper 93 Unleaded will retail for R20.19. Expect the wholesale price of diesel to reach R17.84 at the coast and R19.17 inland.
South African authorities attributed the adjustments to higher international crude oil and petroleum product prices, as well as geopolitical tensions affecting global supply routes. Although the rand strengthened against the US dollar during the review period, it was not enough to offset the impact of rising global oil prices.
Analysts warn that continued instability in the Middle East could further pressure global energy markets and fuel prices across the region.
Photos: Ministry of Information and Communication Technology – Republic of Namibia/File
