Namibian Mining News The Professional Mining Journal
Related Articles
The Namibian Ministry of Industries, Mines and Energy has announced that fuel prices will remain unchanged for July 2025, despite significant under-recoveries caused by rising global oil costs. This decision aims to provide relief to consumers amid ongoing economic pressures.
Global factors such as geopolitical tensions in the Middle East, particularly the conflict between Israel and Iran, have driven crude oil prices higher. Extended OPEC+ supply cuts have further tightened global supply, while increased freight and shipping costs due to tanker shortages and rerouted vessels have added to the financial strain. Delays in shipments and longer port waiting times have also contributed to rising import costs.
For the period of 1 to 24 June 2025, the average price of Petrol 95 rose to USD 84.47 per barrel, a 7.8% increase from May’s average of USD 78.37. Diesel 50ppm reached USD 85.50 per barrel, up 9.5% from May’s USD 78.08, while Diesel 10ppm climbed to USD 85.84 per barrel, reflecting a 9.7% increase from the previous month.
A slight strengthening of the Namibia Dollar against the US Dollar provided minor relief, with the average exchange rate improving to N$17.85 per USD, a 1.5% appreciation compared to May’s average of N$18.12. However, the fuel pricing model still recorded under-recoveries of 53.01 cents per litre for petrol, 59.79 cents for Diesel 50ppm, and 53.54 cents for Diesel 10ppm.
To shield consumers from these additional costs, the National Energy Fund (NEF) will absorb the full under-recoveries. As a result, pump prices in Walvis Bay will remain unchanged: Petrol 95 at N$20.37 per litre, Diesel 50ppm at N$19.92 per litre, and Diesel 10ppm at N$20.02 per litre.
The Ministry emphasized its commitment to monitoring the volatile global oil market, where geopolitical tensions and rising prices continue to pose challenges. While the situation remains uncertain, the government’s priority is to balance price stability with consumer protection.
For further inquiries, the public can contact the Ministry’s Public Relations Office.
