Petrol and diesel prices down at midnight
Prices across the the three main types of transport fuel are set to come down on Tuesday night following the fuel price review of the Ministry of Mines and Energy.
One minute past midnight, technically Wednesday morning 03 July, petrol prices decrease by 80 cents per litre, diesel50ppm by 60 cents per litre and diesel10ppm by 70 cents per litre. In Walvis Bay, the price of petrol will be N$22.20 per litre, diesel50ppm will be N$21.57 per litre and diesel10ppm will be N$21.67 per litre.
In the statement announcing the July adjustments, the ministry said oil prices recently dropped to a four-month low, following the announcement by the Organization of the Petroleum Exporting Countries and its allies (OPEC+) that they will hold overall production levels steady until the end of 2025.
The latest calculation by the ministry indicates that the average price of unleaded petrol 95 during June 2024 stood at US$94.731 per barrel, compared to US$98.835 per barrel at the end of May 2024, indicating a decrease of US$4.1 per barrel or 4.15%
Additionally, the average price of both diesel50ppm and diesel10ppm came down by less than one US Dollar, or just 0.05% and 0.03% respectively. At the same time, the exchange rate deteriorated by only 0.1% indicating that the biggest relief came from the petrol price.
Having considered all the input factors an over-recovery of 120.86 cents per litre was recorded on petrol, and over-recoveries of 96.4 cents per litre on diesel50ppm and 111.92 cents per litre on diesel 10ppm
The ministry also resolved to increase the industry margin by 23 cents to 189 cents per litre; to increase the dealer margin for service station owners by 9 cents to 192 cents per litre and to increase road rates by 15% to compensate for distribution costs to various parts of the country.
