Despite extreme volatility of international oil prices coupled with under-recoveries in the domestic market, local fuel prices will remain unchanged for July 2025. 

This is as the Ministry of Industries, Mines and Energy provides relief to consumers by keeping fuel prices for all products unchanged until the next review. 

The National Energy Fund (NEF) will absorb the full cost of the under-recoveries to cushion consumers. 

Other factors that impacted the international oil market include a sharp rise in crude prices driven by geopolitical tensions in the Middle East, particularly the conflict between Israel and Iran, as well as extended OPEC+ supply cuts that further tightened global supply. 

A statement from the ministry’s executive director, Ben Nangombe, elaborated that freight 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,” Nangombe said. 

This means the pump prices at Walvis Bay will remain at N$20.37 per litre for petrol 95, N$19.92 for diesel 50ppm and N$20.02 for diesel 10ppm. 

“The ministry is closely monitoring developments in the global oil market. The current environment remains highly volatile, with persistent geopolitical tensions and rising international oil prices placing continued pressure on domestic fuel pricing. The ministry remains committed to maintaining price stability while safeguarding the interests of consumers,” Nangombe added. 

According to the ministry’s recent calculations, the average price of petrol 95 for 1 to 24 June 2025 was US$84.47 per barrel, representing a 7.8% increase compared to the full month average price of US$78.37 recorded in May 2025. 

The strengthening of the Namibia dollar against the US dollar slightly reduced the import cost of fuel.