FUEL PRICES TO DROP FROM 3 JULY - nbc

Motorists can expect some relief at the pumps in July, as the Ministry of Mines and Energy (MIME) announced a reduction in fuel prices, effective from midnight on Friday, 3 July 2026. Following the adjustment, the new fuel prices in Walvis Bay will be petrol 95 at N$22.48 per litre, diesel 50ppm at N$24.26 per litre, and diesel 10ppm at N$24.36 per litre.  The ministry noted that fuel prices in all other towns across the country will be adjusted accordingly to account for transportation and distribution costs. The ministry attributed the fuel price reductions to declining international oil prices, easing geopolitical tensions in the Middle East, lower shipping costs and weaker global oil demand, all of which contributed to lower international petroleum product prices during the review period. "So the Minister of Industries, Mines and Energy has completed the review of the full price for my 2026 and hereby informs the public of its decision. International oil markets softened during the review period as geopolitical tension in the Middle East and crude oil flows through the Strait of Hormuz almost gradually showed prospects for a peaceful deal. Brand crude oil prices declined significantly from the elevated levels recorded during the conflict period, contributing to lower international petroleum product prices and, consequently, lower free on board prices for petrol and diesel products." Meanwhile, the government has introduced an Emergency Fuel Supply Arrangement for the period from July to September 2026 to ensure fuel imports are procured without additional import premiums.  The intervention is expected to help contain fuel procurement costs, limit upward pressure on domestic fuel prices and protect consumers from unnecessary price increases. The ministry further said the arrangement will strengthen the financial position of the National Energy Fund, which incurred cumulative fuel price under-recoveries of approximately N$1.3 billion during April and May 2026.