The Ministry of Mines and Energy announced that petrol and diesel prices would remain unchanged in January 2025.
The decision aimed to enable the National Energy Fund to continue absorbing economic shocks. In Walvis Bay, the price of petrol would remain N$20.25 per litre. Diesel 50ppm would stay at N$19.72 per litre, while diesel 10ppm would remain N$19.82 per litre.
“We remain hopeful that the market will improve and be favourable, especially for net fuel importing countries like Namibia,” the Ministry stated.
They elaborated that December saw a moderate rise in diesel prices due to increased global demand. In contrast, petrol prices softened because of stable global supply and reduced off-season demand in major regions. “Additionally, as oil is traded in US Dollars, the weaker N$ contributed to higher diesel prices. The N$ traded at an average of N$17.9647 per US$, marking a 0.1% depreciation since the end of November,” the Ministry noted.
They reported that the average price of Petrol 95 stood at US$83.476 per barrel in December, a 0.3% decrease compared to November. Diesel 50ppm averaged US$87.355 per barrel, a 1.73% decrease, while Diesel 10ppm reached US$87.447 per barrel, a 1.75% drop. However, the observed reduction in diesel prices could not offset the impact of currency depreciation and landing costs.
The Ministry highlighted that December calculations recorded an over-recovery of 17.847 cents per litre for petrol. Diesel prices reflected under-recoveries of 37.591 cents per litre for 50ppm and 28.637 cents per litre for 10ppm. They extended festive greetings, urging fuel consumers to prioritise safety while travelling.
