A significant decline in global oil prices due to increased supply, specifically from non-OPEC producers, will see domestic fuel prices decline this coming Wednesday. The petrol price will reduce by 50 cents a litre, while both diesel variants will be 80 cents a litre less. 

This means that at Walvis Bay, which is the port of entry, the new prices will be N$20.67 per litre for petrol, N$20.62 per litre for diesel 50ppm, and N$20.72 per litre for diesel 10ppm.  Fuel prices in other regions of the country will of course be adjusted accordingly. 

The Ministry of Mines, Energy and Industry has completed the review of the fuel price for April 2025.

A statement revealed that the ministerial review considered the global oil price and relevant domestic policy developments. 

This is because oil prices declined globally by about 7.2% to approximately US$70 per barrel in March 2025. 

“In particular, the rising oil production from the USA, Brazil and Guyana led to market oversupply with price-reducing effects, while peace negotiations on the Russia-Ukraine conflict have raised the prospect of a peaceful settlement. 

However, economic uncertainty and geopolitical factors continue to weigh on the global oil price outlook. Notably, the protective trade tariff announcements by the United States of America have given rise to heightened concerns about global economic stability, trade tensions and reduced demand expectations,” the mines and energy ministry stated.