(Ecofin Agency) - Namibia’s Ministry of Mines and Energy has announced that the price of petrol will drop by 20 cents per litre throughout the country on Wednesday while the price of diesel will remain unchanged.

95 Octane Unleaded Petrol at Walvis Bay is to now cost N$10, 49 per litre, Diesel 500ppm will remain N$10, 42 per litre and Diesel 50ppm will stay at N$ 10, 52 per litre.

According to the ministry the full price list for the rest of the country will be released on Thursday 5th of November 2015. The ministry added that even though the NEF Levy on (Unleaded Premium)ULP 95 will increase by 10 cents per litre, pump prices for ULP 95 will decrease by a net amount of 20 cents per litre.

"The gross decrease is 30 cents per litre. Therefore, the pump prices for ULP 95 will only decrease by 20 cents due to the NEF Levy increase of 10 cents per litre on ULP 95.It is for this reason that the ministry has decided to grant a 10 cents per increase on ULP 95 on the NEF levy to fast-track the mobilization of funds for that national project," the ministry said.

Meanwhile, the fuel storage plant at Walvis Bay is at present undergoing construction and will be completed in 32 months. The capacity of the storage facility will total 75 million litres of diesel, unleaded petrol, HFO and Jet A1. The project is expected to cost of N$3, 6 billion.