Windhoek - The Ministry of Mines and Energy in Namibia has announced a significant decrease in fuel prices for December, providing relief to motorists during the festive season. This announcement was made in a statement issued by the ministry on Tuesday.
According to Namibia Press Agency (NAMPA), The ministry confirmed that petrol and both diesel variants will see a decrease of 130 cents per liter. Consequently, the price of petrol will be N.dollars 21.58 per liter, diesel 50 ppm will be N.dollars 21.85 per liter, and diesel 10 ppm will be N.dollars 22.05 per liter in Walvis Bay. The new prices are set to take effect at midnight on Wednesday. The decision for the price reduction was influenced by the observed decreases in international market prices per barrel for both petrol and diesel in November.
Significant over-recoveries were noted on petrol and diesel products, leading to the price adjustment. Meanwhile, the ministry has increased the Road Fund Administration fuel levy by 20 cents per liter, adjusting it from 178 to 198 cents per liter on all products. Ali Iipinge, the Chief Executive Officer of the Road Fund Administration, welcomed the levy adjustment, stating it would significantly aid in road maintenance. Iipinge noted that the fund initially requested a 50-cent increment but received 30 cents mid-year. The additional 20 cents is expected to generate about N.dollars 200 million per year. "While it is not enough, it helps municipalities maintain their roads," Iipinge said.