The Ministry of Mines and Energy in Namibia has completed the fuel price review for the month of January 2023
The latest calculations by the Ministry indicate that the average price for unleaded petrol 95 over the period of 1-26 December 2022 is at US$88.072 per barrel (compared to US$104.383 per barrel at the end of November 2022), a significant decrease of about US$16 over the review period. Additionally, the average price for diesel 50ppm over the period of 1-26 December 2022 is at US$111.240 per barrel (compared to US$129.092 per barrel at the end of November 2022), another significant decrease of about US$18 per barrel over the review period.
Furthermore, the exchange rate figures for the period of 1-26 December 2022 indicate that the NAD has slightly recorded another appreciation against the US$ at N$17.3187 per US$ (compared to N$17.4533 per US$ at the end of November 2022). This has a net positive effect on the fuel prices paid by consumers at the pumps.
Therefore, after entering the above input factors into the fuel pricing model, the Ministry recorded high over-recoveries on both petrol and diesel, namely an over-recovery of 183 cents per litre on petrol and 220 cents per litre on diesel. Thus, diesel prices will decrease by 220 cents per litre, and the petrol prices will decrease by 180 cents per litre. The new fuel prices in Walvis Bay will thus become N$20.65 (US$1.39 approximately) per litre for diesel and N$18.28 per litre for petrol. Fuel prices accross the rest of the country will also be adjusted accordingly.
