Walvis bay: Petrol prices will decrease by 100 cents per litre in February, while prices for both diesel grades will fall by 50 cents per litre,effective 04 February 2026, the Ministry of Industries, Mines and Energy said on Saturday. The ministry stated that these reductions are a result of a review of the fuel price for February, taking into account lower international oil prices and fluctuations in the exchange rate.

According to Namibia Press Agency, international crude oil and refined petroleum product prices recorded during January 2026 declined mainly due to an increase in global oil supply by major producers, which outpaced demand. The ministry noted that the average price of petrol for the period 01 to 23 January 2026 was US dollars 74.30 per barrel, down from US dollars 77.49 in December. Similarly, the average price of diesel 50ppm fell to US dollars 79.44 per barrel from US dollars 81.47, while diesel 10ppm declined to US dollars 79.48 per barrel from US dollars 81.49.

The Namibia Dollar averaged N dollars 16.41 per US Dollar during the review period, representing an appreciation from the December average of N dollars 16.82. The ministry explained that the pricing model recorded over-recoveries of 127.48 cents per litre for petrol, 80.17 cents per litre for diesel 50ppm, and 89.77 cents per litre for diesel 10ppm. This indicated that the regulated prices were higher than the costs reflected in the pricing model.

Additionally, the ministry announced an increase in the dealer margin for service station operators by 14 cents per litre, raising it from 222 cents per litre to 236 cents per litre. At Walvis Bay, petrol 95 will sell for N dollars 19.58 per litre, diesel 50ppm for N dollars 19.63 per litre, and diesel 10ppm for N dollars 19.73 per litre. Prices in the rest of the country will be adjusted accordingly.

The ministry emphasized its commitment to ensuring that fuel prices reflect international market conditions while balancing economic sustainability for consumers and the industry.