The price of petrol will decrease by N$1 and diesel by 40 cents next Wednesday. The Ministry of Mines and Energy, in a media statement on Friday, said the decreased fuel prices will be effective as from 00h01. The new fuel pump prices at Walvis Bay will therefore be N$12,95 per litre for 95 Octane Unleaded Petrol; N$14,08 per litre for Diesel 500 parts per million (ppm) and N$14,13 per litre for Diesel 50ppm. The statement said the decrease is a result of international oil prices falling by approximately 30% since peaking in early October. “Global oil production overtook consumption in the last quarter of this year, ending a period of low supply that came about at the beginning of 2017 and Saudi Arabia, as the major player in the Organisation of Petroleum Exporting Countries (OPEC), planning to cut oil supply by about 1,4 million barrels per day in order to stop the flooding of the global oil market,” it said. This, according to the ministry, has led to local fuel consumers tightening their belts to cope with exchange rate uncertainties and the oil supply cuts introduced by OPEC earlier in 2018, which took full effect at the beginning of May. OPEC is also scheduled to officially meet on 6 December to negotiate its supply policy. “The ministry applauds the latest developments in the international oil market, especially at a time of the festive season when many Namibians will be travelling long distances to various holiday destinations while others will be engaging in seasonal communal farming activities,” the statement said.