WINDHOEK, July 1 (Xinhua) -- Namibia is expected to reduce fuel prices from July 3, following declines in international oil prices and shipping costs, as well as the appreciation of the Namibian dollar, the Ministry of Industries, Mines and Energy announced on Wednesday.
Speaking at a media briefing in Windhoek, Minister Modestus Amutse said the price of petrol 95 will decrease by 1 Namibian dollar (about 0.06 U.S. dollars) per liter, while both diesel grades will be reduced by 4 Namibian dollars per liter.
Under the new pricing structure, petrol 95 will cost 22.48 Namibian dollars per liter in the coastal town of Walvis Bay.
Diesel 50ppm will be priced at 24.26 Namibian dollars per liter, while diesel 10ppm will cost 24.36 Namibian dollars per liter.
Prices in other parts of the country will be adjusted accordingly.
Amutse said international fuel prices declined during the June review period as geopolitical tensions in the Middle East eased, crude oil flows through the Strait of Hormuz improved and global shipping costs fell.
The stronger Namibian dollar also helped reduce fuel import costs, he added.
He said the government's emergency fuel supply arrangement for July to September is expected to lower procurement costs, ease pressure on the National Energy Fund and support fuel price stability.
The measures come as the government finalizes the Bulk Petroleum Import Coordination Regulations, which are expected to take effect by the end of September. The regulations are intended to enable the state to coordinate petroleum imports, improve efficiency and reduce long-term fuel import costs. ■