Staff Reporter
\u00a0
The Ministry of Industries, Mines and Energy has announced that fuel prices will remain unchanged for the month of July.
\u00a0
\u201cThe pump prices at Walvis Bay will remain as follows: Petrol 95 at N$20.37 per litre, Diesel 50ppm at N$19.92 per litre, and Diesel 10ppm at N$20.02 per litre,\u201d the Ministry explained.
\u00a0
The Ministry\u2019s Executive Director and Accounting Officer, Ben Nangombe, revealed that this decision was made to provide relief to consumers, despite the country recording fuel under-recoveries in June due to a range of international and logistical factors.
\u00a0
Nangombe highlighted that global oil price volatility was driven by several issues, including a sharp increase in crude oil prices due to geopolitical tensions in the Middle East\u2014particularly the ongoing conflict between Israel and Iran\u2014as well as extended OPEC+ supply cuts, which have further tightened global supply.
\u00a0
\u201cFreight and shipping costs also increased due to tanker shortages and the rerouting of vessels around conflict zones. Additionally, delays in shipments and longer waiting times at ports added to the overall cost. Together, these factors led to higher import parity prices, resulting in under-recoveries that negatively affect pump prices,\u201d he added.
\u00a0
Nangombe disclosed that, according to the Ministry\u2019s calculations, the average price of Petrol 95 for the period 1 to 24 June 2025 was 84.47 US dollars (USD) per barrel, representing a 7.8% increase compared to the full-month average price of USD 78.37 recorded in May 2025. For Diesel 50ppm, he revealed that the average price during the same period was USD 85.50 per barrel, reflecting a 9.5% increase from the May average of USD 78.08 per barrel. Diesel 10ppm was priced at USD 85.84 per barrel, indicating a 9.7% increase from the May average of USD 78.26 per barrel.
\u00a0
\u201cThe strengthening of the Namibia Dollar against the US Dollar slightly reduced the import cost of fuel. From 1 to 24 June 2025, the average exchange rate was N$17.85 per USD, reflecting a 1.5% appreciation compared to the full-month average of N$18.12 recorded in May 2025. Based on the results of the preceding input factors and other parameters, the fuel pricing model recorded under-recoveries of -53.01 cents per litre for petrol, -59.79 cents per litre for 50ppm diesel, and -53.54 cents per litre for 10ppm diesel,\u201d Nangombe explained.
\u00a0
Despite these under-recoveries, he confirmed that the Ministry has decided to provide some relief to consumers by maintaining fuel prices. The National Energy Fund (NEF) will absorb the full cost of the under-recoveries on behalf of consumers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Staff Reporter\u00a0The Ministry of Industries, Mines and Energy has announced that fuel prices will remain unchanged for the month of July.\u00a0\u201cThe pump prices at Walvis Bay will remain as follows: Petrol 95 at N$20.37 per litre, Diesel 50ppm at N$19.92 per litre, and Diesel 10ppm at N$20.02 per litre,\u201d the Ministry explained.\u00a0The Ministry\u2019s Executive Director …<\/p>\n","protected":false},"author":10,"featured_media":377556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27,24],"tags":[],"class_list":["post-377555","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news"],"yoast_head":"\n