The Ministry of Mines and Energy announced today that oil prices will rise in the coming weeks due to carefully managing undersupply and a rebound in demand, although central banks continue to increase interest rates to counter inflation.
The ministry indicated that petrol prices will increase by 150 cents per litre while diesel will remain unchanged. Petrol prices in Walvis Bay will become N$19.78 per litre while diesel will remain at N$20.65 per litre.
Spokesperson Simon Andreas said that this is after the ministry completed the fuel price review for the month of March 2023.
Petrol prices across the rest of the country will be adjusted accordingly, and the adjustment for petrol prices will become effective at 00H01 on 1st March 2023.
“The ministry foresees the turbulent times ahead judging from the unstable situation which continues to persist in the international oil market.
However, it will continue to work diligently toward ensuring the security of the fuel supply is maintained, and the fuel prices are stabilized,” Simon said.