(Ecofin Agency) - The Price of Diesel in Namibia dropped on Wednesday making motorists breathe a sigh of relief, the Namibian News reports.

According to a statement released by the Minister of Mines and Energy, Obeth Kandjoze (photo), the pump prices for diesel at Walvis Bay is to drop to N$9,77 per litre, while unleaded petrol will stay at N$10,54 per litre.

He noted that the price of crude oil fell gradually since the beginning of 2015, “It has continued its general downward trend through to today [and is] currently at roughly US$36, 75 per barrel. Although being a challenge for oil producing exporting nations, it has brought some relief to consumers of the importing nations such as Namibia”.

The minister added that 2015 was a good year for lower prices, "Oil fell to the lowest level in more than six years on 21 December amidst speculation that suppliers from the Middle East to the US will exacerbate a glut as they fight for market share”.

Anita Fatunji