Both petrol and diesel prices will decrease by N$1.30 per litre today, 6 December 2023. This means the petrol price at the port of entry in Walvis Bay will be N$21.58 per litre, diesel 50ppm will be N$21.85 per litre, and diesel I0ppm will be N$22.05 per litre.

Announcing these price decreases yesterday, the mines and energy ministry also stated that the Road Fund Administration levy will be increased by 20 cents per litre from 178 cents per litre to 198 cents per litre on all products. This was resolved, considering the importance of road maintenance in the country, as well as in observation of significant over-recoveries in the fuel retail sphere. 

“International oil prices have recently been experiencing declines due to major differences on crude oil production targets amongst Organisation of Petroleum Exporting Countries (OPEC) members. The disharmony in OPEC has mainly been influenced by the demands of two African member states who would like to have their crude oil production quotas increased. Although OPEC is working to resolve these matters, there is currently a sufficient supply of oil products in the market, which has put a lot of downward pressure on oil prices for the period under review,” the ministry stated.