There is some good news for motorists as petrol prices decrease for the New Year. The Ministry of Mines and Energy in a media statement issued announced that fuel pump prices will decrease from 2 January. The 95 Octane Unleaded Petrol will now cost N$12,05 per litre, while diesel 500ppm will go for N$13,08 a litre at Walvis Bay. Diesel 50ppm will cost N$13,13 cents per litre. The ministry said its decision to lower the pump prices follows a review of the fuel pump prices earlier this month. This was prompted by a series of factors, including a reduction in the refined oil from an average of US$81 per barrel of diesel in November to US$68. The relief comes after numerous increases in both diesel and petrol prices were implemented over the last few months.