Fuel prices up tonight

Fuel prices across Namibia will increase by a minimum of N$2 per litre from midnight tonight.The Minister of Industries, Mines and Energy, Modestus Amutse, announced the increase last Friday, while giving the public and stakeholders assurance that Namibia has sufficient fuel stocks and faces no immediate risk of shortages."Namibia currently maintains adequate fuel stocks, and there are no immediate risks of fuel shortages in the country," he said.Amutse said the increase was driven by developments in the international oil market, rising petroleum product prices, exchange rate movements, and higher freight and demurrage costs. Together, these factors resulted in a small over-recovery on petrol and under-recoveries on both grades of diesel sold locally.International pricesAccording to the ministry, international petrol prices rose by 2.8% during July, increasing from around US$111.85 to US$115.16 per barrel. Diesel 50ppm increased by 10.97%, from about US$127.14 to US$141.09 per barrel, while diesel 10ppm rose by 11.1%, from US$127.52 to US$141.68 per barrel.The exchange rate also weakened slightly, with the cost of one US dollar increasing from around N$16.39 in June to N$16.43 in July.As of 27 July 2026, the ministry calculated a provisional over-recovery of just under three cents per litre on petrol. By comparison, diesel 50ppm recorded an under-recovery of around 18 cents per litre, while diesel 10ppm showed an under-recovery of just over 14 cents per litre.Amutse said that following the outbreak of conflict in the Middle East earlier this year, the government temporarily reduced selected fuel levies by 50% for three months, from April to June 2026, to cushion consumers against rising fuel prices.'Relatively stable'Despite continued tensions in the region, he said the global oil market has now "relatively stabilised", allowing the government to fully reinstate the levies to support critical budget commitments.Explaining why prices are rising despite the government's agreement with Vitol to supply all petroleum imports at the basic fuel price, Amutse said the increase is "primarily the result of the reinstatement of the fuel levies".He said that without the emergency fuel supply agreement, motorists would have faced not only the reinstated levies but also additional import premiums charged by suppliers above the basic fuel price.According to Amutse, those premiums have fluctuated between 50 cents and N$4 per litre in recent months, depending on international market conditions and supply constraints."Without this intervention, pump prices at Walvis Bay would have increased by approximately 600 cents per litre for both petrol and diesel," he said.From midnight, petrol in Walvis Bay will cost N$24.48 per litre. Diesel 50ppm will increase to N$26.26 per litre, while diesel 10ppm will cost N$26,36 per litre.

Fuel prices up tonight

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Republikein 2026-08-04

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Fuel prices up tonight

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Republikein 2026-08-04

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