South African Fuel Prices Set to Drop This Week

The Department of Minerals and Petroleum Resources announced the upcoming price decreases on Monday, effective from Wednesday.

South African consumers will see a welcome reduction in fuel prices this week, bringing relief to those feeling the pinch of rising costs. The Department of Minerals and Petroleum Resources announced the upcoming price decreases on Monday, effective from Wednesday.

The price adjustments are as follows:

Petrol 93 (ULP & LRP): Decrease of 92 cents per litre

Petrol 95 (ULP & LRP): Decrease of 92 cents per litre

Diesel (0.05% sulphur): Decrease of 79 cents per litre

Diesel (0.005% sulphur): Decrease of R1.05 per litre

Illuminating Paraffin (wholesale): Decrease of R1.03 per litre

Single Maximum National Retail Price for Illuminating Paraffin: Decrease of R1.38 per litre

Maximum LPGas Retail Price: Decrease of 10 cents per kilogram

With these adjustments, the price of a litre of 95 petrol in Gauteng, currently at R23.11, will drop to R22.19 per litre.

In a statement, the department attributed the price decreases to both international and local factors. The average Brent Crude oil price fell from 83.55 USD to 78.54 USD per barrel during the review period. This decrease was driven by increased oil production from major producers, despite lower demand concerns and the anticipated interest rate cuts by the US Federal Reserve.

Additionally, the average international petroleum product prices declined, reflecting the lower crude oil prices. This contributed to a reduction in the Basic Fuel Prices of petrol, diesel, and illuminating paraffin. The department also noted that the Rand appreciated slightly against the US Dollar, from an average of 18.23 to 18.05 Rand per USD, further reducing the Basic Fuel Prices by over 10 cents per litre.

These price adjustments are set to take effect from Wednesday, providing much-needed financial relief to South Africans across the country.