Spring has certainly sprung as Namibian motorists are greeted with good news as the Ministry of Mines and Energy announces a decrease in fuel prices, effective from Wednesday, 4 September 2024. 

This marks the third fuel price drop of the year, providing much-needed financial relief as the country enters the final quarter of 2024.

According to the ministry, over-recoveries of 140.667 cents per litre for petrol, 113.973 cents per litre for diesel 50ppm, and 121.468 cents per litre for diesel 10ppm were recorded.

These over-recoveries have allowed the ministry to implement the decrease in petrol of 120 cents per litre, diesel 50 ppm at 110 cents per litre, and diesel 10 ppm will go down by 110 cents per litre.

Therefore, as of Wednesday, petrol will cost N$21 per litre, while both diesel variants will be priced at N$20.57 per litre in Walvis Bay, with corresponding adjustments in other parts of the country.

This reduction marks a significant relief for motorists, especially in the current economic climate. 

This is the third time fuel prices have dropped this year, with previous reductions occurring in January and July.

Fuel prices have remained unchanged three times in 2024, with increases recorded in April and May. 

The latest reduction offers a welcome reprieve as Namibians prepare for the last quarter of the year.

The Ministry says it will continue to monitor global oil prices and exchange rates to determine future adjustments.