By Augetto Graig and Nikanor Nangolo
(Edited by S. Hecht) Windhoek
Namibia, along with the rest of the world, must prepare for rising fuel prices.
Joint US and Israeli airstrikes on Saturday killed Iran’s long-serving supreme leader, Ayatollah Ali Khamenei, plunging the Middle East into a severe crisis. US President Donald Trump announced that the attacks would continue “as long as necessary.” Iran responded with missile strikes on US military bases in the region. President Masoud Pezeshkian described this as the nation’s “legitimate right” to bloodshed and revenge.
The escalation is shaking global oil markets, especially due to uncertainty around the Strait of Hormuz, a key shipping route for crude oil. Brent crude prices have risen from USD 64.08 to USD 69.08 per barrel. South Africa, which imports around 80% of its crude oil from the Middle East, will raise fuel prices by 20 to 65 cents per litre from 4 March. Further price increases are possible if the situation worsens.
In Namibia, acting deputy director for petroleum affairs at the Ministry of Energy, Abednego Ekandjo, said that a potential closure of the Strait of Hormuz would affect all fuel-importing countries. At the same time, he emphasized that the global oil and fuel market is sufficiently diversified, so Namibians have no reason to stockpile fuel. “We do not rely on a single source,” he said, citing India, China, Europe, and African suppliers such as Nigeria and Libya as alternatives for Namibia.
Paulo Coelho, spokesperson for the National Petroleum Corporation of Namibia (NAMCOR), said on Tuesday that a tanker with a shipment is currently on its way to Namibia. The National Oil Storage Facility also holds enough reserves to cover the country’s fuel needs for three months.
Nevertheless, Ekandjo expects noticeable effects on oil prices and transport costs. Between 20% and 25% of global supplies come from the region affected by the escalating conflicts, which now involve twelve Middle Eastern countries. “Trade flows and supply are disrupted. Prices will rise. The situation is extremely volatile and affects both the price per barrel and transport costs,” he said.
For Namibian consumers, the situation remains stable for now. The Ministry announced on Friday, 27 February, that fuel prices nationwide will remain unchanged in March. Dealer margins will rise by 2 cents to N$2.38 per litre from Wednesday, 4 March 2026. Coastal consumers continue to pay N$19.58 per litre for petrol, N$19.63 for diesel 50ppm, and N$19.73 per litre for diesel 10ppm.
Local supplier Puma Energy stated on Monday that tensions in the Middle East are causing short-term market volatility as well as higher insurance and freight costs, even though global energy markets are currently well supplied. For African countries, the primary impact is likely to be in price increases rather than immediate supply shortages. Given potential shifts in prices and trade flows, a coordinated approach between suppliers and marketers is important to ensure supply continuity and energy security.
At the same time, there is currently no indication of disruptions to local supply in Namibia. In the medium to long term, however, such events highlight the need to strengthen energy resilience on the continent. Many African economies rely on imported refined products and are therefore exposed to external geopolitical developments. Investments in strategic reserves, storage infrastructure, and broader diversification of supply sources are crucial to reduce vulnerability to global shocks. Closer regional cooperation and the development of domestic capacity where possible can further strengthen stability, according to Puma Energy.
