As the international oil market continues to have a huge fall in oil demand, diesel prices are expected to increase on Wednesday by 198 cents per litre.

It is, however, a relief for petrol users as prices remain unchanged.

The new prices in Walvis Bay will be N$24.10 per litre for diesel and, as for the rest of the country, they will be adjusted accordingly.

The depreciation of the Namibian dollar against the US dollar as of now will cause negative effects on the pockets of fuel consumers.

The Ministry of Mines and Energy says the increase in fuel is due to the anticipated ban on Russian crude oil by the European Union.

The Organization of Petroleum Exporting Countries (OPEC) has agreed to reduce crude oil output by a million barrels per day.

This means the supply of crude oil throughout global markets will decrease, causing an increase in fuel prices.

Global economic slowdowns are expected in the future as the Federal Reserve and other central banks continue to increase interest rates to counter inflation.