Petrol prices and those of both diesel grades will go down by N$1 per litre, effective 2 October.

The Ministry of Mines and Energy announced that the petrol price at the pump in Walvis Bay will adjust to N$20.25 per litre, diesel 50 ppm will be N$19.72 per litre, and diesel 10 ppm will be N$19.82 per litre. 

The Ministry explained that the fuel prices have been on a downward trend since June. 

The decline in oil prices is attributed to the lower cost per barrel of crude oil, which is forecast to continue in October. 

This is driven by slower economic activity, particularly in China, which has led to a reduction in global oil demand.

In addition, the Namibia dollar has strengthened against the United States dollar, with the exchange rate at N$17.75 compared to N$18.09 in August. 

This has significantly reduced oil prices, as oil is traded in U.S. dollars in the international oil markets.