Middle East Conflict Sends Namibia's Fuel Prices Soaring

Namibia's economy is feeling the pinch as fuel prices skyrocket due to the escalating Middle East conflict and global oil supply disruptions.

The country imports a significant portion of its goods, including staple foods and agricultural inputs, which are now facing higher freight and transport expenses.

Petrol pump prices at Walvis Bay have increased by 60c per litre, while diesel 50ppm and diesel 10ppm will go up by 160c per litre as of midnight on September 2, according to the Ministry of Industries, Mines and Energy.

According to Clayton Peel, a lecturer at the Namibia University of Science and Technology, the war in Iran has caused oil prices to spike to around $120 (almost N$2 000) a barrel due to the closure of the Strait of Hormuz, which handles about 25% of the world's oil supplies.