Namibia's Ministry of Mines and Energy on Monday announced the decision to lower fuel prices.

Based on the recent stabilizing in international oil prices and local currency appreciation, the price of petrol will decrease by 1.20 Namibia dollars (0.081 U.S. dollars) per liter, while diesel will go down by 0.65 Namibia dollars per liter, effective from September 7.

In addition, the ministry will continue with the extension of the temporary reduction of the road user charges as well as the Motor Vehicle Accident Fund and the National Petroleum Corporation levies, the Minister of Mines and Energy, Tom Alweendo said at a press briefing in Windhoek.

Alweendo further said the ministry also resolved to increase the industry margin for fuel wholesalers by 20 cents per liter on all products effective.

"The ministry will continue to monitor the international oil market in the coming months to ensure that Namibia's petroleum market is perfectly aligned with the most important trends of oil supply and demand," he concluded.

The new fuel prices in Walvis Bay will thus become 21.08 Namibia dollars per liter for petrol and 22.12 Namibia dollars per liter for diesel, while the fuel prices across the rest of the country will also be adjusted accordingly.