Namibian drivers will finally have some relief at the gas pump after two months of price increases. The Ministry of Mines, Energy and Industry has announced a fuel price reduction effective Wednesday, 2 April 2025, citing a combination of global oil price declines and a stronger Namibia Dollar.
Diesel 50ppm and diesel 10ppm prices will both drop by 80 cents per litre, while petrol prices will drop by 50 cents per litre. The new fuel prices in Walvis Bay as a result of this change are: 95: N$20.67 per liter for gasoline, 50 ppm diesel costs N$20.62 per liter, 10 ppm of diesel costs N$20.72 a liter.
With crude oil averaging US$70 per barrel in March 2025, the price drop comes after a 7.2% dip in global oil prices. Increased oil production from non-OPEC nations including the United States, Brazil, and Guyana was the main cause of the decrease, which resulted in an excess of supply on the market. Furthermore, worries about supply disruptions have subsided as a result of peace talks between Russia and Ukraine, which has further stabilized the market.
On the local front, petroleum imports became somewhat less expensive in March 2025 as the Namibian dollar gained 1.18% against the US dollar, averaging N$18.26 per USD.
Namibians are relieved by the fuel price fall after two months of consecutive price increases brought on by prior volatility in the world oil price. With over-recoveries of 58.77 cents per litre for petrol, 82.88 cents for diesel 50ppm, and 91.07 cents for diesel 10ppm reported in March, this most recent decline, however, represents a change in market conditions.
The Ministry cautions that despite this decline, persistent geopolitical and economic variables continue to make the world oil market unpredictable. Concerns over the stability of the world economy have been heightened by the U.S. trade tariff pronouncements, and this could have an impact on oil prices in the months to come.
