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Fuel prices are expected to increase in February 2025, forcing Namibians to spend more money after months of comparatively stable conditions. Citing notable under-recoveries in January, the Ministry of Mines and Energy has announced price increases for all fuel kinds.
According to the Ministry, the following under-recoveries were observed; Petrol: 82.072 cents per litre, 50ppm Diesel: 175.042 cents per litre 10ppm Diesel: 166.720 cents per litre
As a result, the Ministry has decided to increase petrol prices by 42 cents per litre, while both 50ppm and 10ppm diesel will see a steeper hike of 120 cents per litre.
With these adjustments, fuel prices in Walvis Bay will be set at; Petrol N$20.67 per litre, 50ppm Diesel at N$20.92 per litre and 10ppm Diesel at N$21.02 per litre, effective on Wednesday the 5th of February 2025.
In order to lessen the entire impact of swings in worldwide prices, the Ministry has promised the public that the National Energy Fund (NEF) will absorb the remaining under-recoveries. However, as the cost of goods and transportation may increase in tandem, it is anticipated that both businesses and consumers will suffer.
The latest fuel price increase follows months of price stability that had provided some relief to Namibian consumers. With this development, industry players and motorists will have to reassess their budgets as fuel remains a critical component of economic activity in the country.
Since fuel is essential to operations and cost control, stakeholders, particularly those in the mining and logistics industries, will be keenly observing the effects of these hikes.
The Ministry advises the public to keep up with changes in the price of oil throughout the world and how they affect Namibia’s fuel pricing system.
