Walvis bay: The Ministry of Mines and Energy has announced that fuel prices will remain unchanged for August 2025, despite mixed trends in the global oil market during July. The ministry said in a media statement on Friday this means that in Walvis Bay, petrol prices will remain at N.dollars 20.37 per litre, diesel 50ppm at N.dollars 19.92 per litre, and diesel 10ppm at N.dollars 20.02 per litre.

According to Namibia Press Agency, the ministry explained that global oil prices in July were influenced by high supply levels, particularly from OPEC+ members like Saudi Arabia, and moderate demand. "This combination led to a decline in international unleaded petrol prices. In contrast, diesel prices increased slightly due to a limited global distillate supply and stable demand from industrial sectors," it said.

Improved shipping conditions and easing geopolitical tensions contributed to market stability but did not prevent a continued downward trend in petrol prices. Between 01 and 25 July, the average price of Unleaded Petrol (ULP 95) dropped to USD 82.03 per barrel, a 2.27 per cent decrease from June. Meanwhile, diesel 50ppm rose by 5.31 per cent to US.dollars 90.21 per barrel, and diesel 10ppm increased by 5.23 per cent to US.dollars 90.49 per barrel.

The Namibia Dollar strengthened slightly against the US Dollar, averaging N.dollars 17.72 per USD in July compared to N.dollars 17.84 in June. This appreciation helped reduce the impact of rising diesel prices in local currency terms. The ministry reported an over-recovery of 0.46 cents per litre for petrol but under-recoveries of 90.62 cents and 83.86 cents per litre for diesel 50ppm and diesel 10ppm, respectively. As a result, the National Energy Fund will absorb an estimated N.dollars 24.7 million in under-recoveries for August.

"The ministry remains committed to ensuring fuel price stability while balancing market realities and protecting consumer interests," the statement said.