GOOD NEWS FOR MOTORISTS AS FUEL PRICES DECREASE IN SOUTH AFRICA

Mon 05 August 2024:

The Department of Minerals and Petroleum Resources has announced decreases for all grades of fuel for the month of August.

The price decreases expected to kick in on Wednesday are as follows:
• Petrol 93 (ULP and LRP): 15 cents decrease
• Petrol 95 (ULP and LRP): 15 cents decrease
• Diesel (0.05% sulphur): 28 cents decrease
• Diesel (0.005% sulphur): 17 cents decrease
• Illuminating Paraffin (wholesale): 22 cents decrease
• Single Maximum National Retail Price for illuminating paraffin: 29 cents decrease.
• Maximum LP Gas Retail Price: 14 cents per kg decrease

This means that a litre of 95 petrol, which currently costs R23.26 in Gauteng, will now cost 23.11 cents a litre as of Wednesday.

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In a statement on Monday, the department explained the international and local factors leading to the price adjustments for this month.

“The average Brent Crude oil price increased from 82.24 US Dollars (USD) to 83.55 USD per barrel, during the period under review. The main contributing factors are the decline in US inventories, reduced production from Canada due to the wildfires, tensions in the Middle East as well as continued production cuts by OPEC [Organization of the Petroleum Exporting Countries].

“The average international product prices for petrol increased slightly on average as the summer seasonal demand in the Northern Hemisphere improved, while diesel and illuminating paraffin prices decreased on average during the period under review.

“The Rand appreciated on average, against the US Dollar (from 18.44 to 18.23 Rand per USD) during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 14.00 per litre,” the department said.

– SAnews.gov.za

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