Namibia has some of the world’s highest fuel prices. Diesel costs 14.54 Namibian dollars per litre, while petrol costs 11.94 Namibian dollars per litre.
diesel currently cost N$14.54 per litre
In Namibia, diesel is the most popular fuel. It is used in vehicles such as trucks, buses and private cars. Diesel is becoming increasingly more expensive in Namibia, with prices increasing by over 100% since 2007. The price of diesel has increased by nearly 9% per year on average from 2007 to 2018. The increase in diesel prices is expected to continue for several months due to higher international oil prices and a weaker South African rand against the namibian dollar (N$).
petrol currently cost N$11.94 per litre
As of April 2019, a litre of petrol currently costs N$11.94 in Namibia. In 2007, a litre of petrol cost N$4.38.
The price of fuel has increased drastically over the past 10 years. Since 2007 it has increased by more than 120%.
diesel prices have increased by more than 100% since 2007
To understand why diesel prices have increased so much, we need to look at how they’re determined. The price of fuel is determined by the price of crude oil and how much demand there is for it. Crude oil is the main ingredient in diesel and gasoline; when its price goes up, so does that of the refined products made from it.
The supply and demand for crude oil are determined by many factors including supply (how much there is) and demand (how many people want it). Demand tends to increase as more vehicles hit roads around the world, especially in developing countries like Namibia where transportation is difficult due to low income levels and infrastructure issues.
petrol prices have increased by more than 120% since 2007
The price of petrol in Namibia has increased by more than 120% since 2007. This is due to the increase in the price of crude oil, which can be attributed to the global economic downturn and a slowdown in oil production at certain sites around the world. The rate of these increases is not expected to slow down anytime soon, as major oil producers have yet to reach full capacity once again.