Namibia will raise fuel prices from as of May 8, amid rising global oil market pressures linked to geopolitical tensions in the Middle East, Energy Minister Modestus Amutse announced.
Speaking in Windhoek on Thursday, May 7, Minister Amutse announced that petrol prices would increase by 1.4 Namibian dollars per litre, while diesel 50ppm and diesel 10ppm would rise by 4.63 Namibian dollars per litre.
Following the adjustment, fuel prices at Walvis Bay, the country’s fuel pricing benchmark, will stand at 23.48 Namibian dollars per litre for petrol, 28.26 dollars for diesel 50ppm and 28.36 dollars for diesel 10ppm. The minister acknowledged that the increases would affect households, transport operators and businesses, but said the government would continue cushioning consumers through the National Energy Fund. He revealed that the state would absorb an estimated 1.3 billion Namibian dollars in fuel supply costs for April and May.
Minister Amutse also assured the public that Namibia maintains adequate fuel reserves and urged citizens to avoid panic buying despite rising international oil prices.