Petrol and diesel prices for the month of August will remain unchanged across the country, the Ministry of Mines and Energy has announced.

The price of petrol will remain at N.dollars 22.28 cents per litre and diesel at N.dollars 22.77 cents per litre in Walvis Bay. Fuel prices across the rest of the country will also remain unchanged.

A media release by the ministry today indicated that the decision taken is aimed at creating stability within the oil market to ensure the security of fuel supply in the country.

“Since mid-June 2022, international crude oil prices have fallen by nearly 20 per cent amid rising fears that the aggressive interest rate hikes implemented by many central banks, including the Federal Reserve, could lead to a recession in major developed economies,” it noted.

It added that despite that, tough issues related to the energy transition and geopolitical uncertainty will yet continue to linger over the oil market into the future, however, at the present time the oil prices are at least falling due to the need to address the high fears of a global economic recession.

Source: The Namibian Press Agency