Namibia has announced that it will reduce the price of fuel by 80 Namibian cents per litre (around 0.044 USD) starting July 3. Diesel 50ppm will decrease by 60 Namibian cents per litre, and diesel 10ppm by 70 Namibian cents per litre, according to an announcement from the Ministry of Mines and Energy on Tuesday.
The Ministry stated that in Walvis Bay, the new pump price of petrol will be 22.20 Namibian dollars per litre, diesel 50ppm will be 21.57 Namibian dollars, and diesel 10ppm will be 21.67 Namibian dollars per litre. Fuel prices across the rest of the country will be adjusted accordingly.
The Ministry explained that oil prices fell to a four-month low after OPEC and its allies announced they would maintain current production levels until the end of 2025.
Additionally, the exchange rate between June 1 and June 25, 2024, showed a slight 0.1 per cent depreciation of the Namibian dollar against the U.S. dollar, which had a minimal effect on the overall drop in oil prices.
Meanwhile, petrol prices have reached a record high in Nigeria since President Bola Tinubu removed subsidies on May 29, 2023.
The National Bureau of Statistics (NBS) reported that in May 2024, the average retail price of petrol was ₦769.62 per litre, with Jigawa State having the highest price at ₦937.50 per litre. This is a 223.21% increase from May 2023 (₦238.11) and a 9.75% increase from April 2024 (₦701.24).
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