Ministers Discuss Strengthening SA-China Relations Ahead of State Visit
September 3, 2024Justice Minister to Appear in Parliament Over VBS Allegations
September 3, 2024In a welcome relief for South African consumers, all grades of fuel are set to decrease this week, according to an announcement from the Department of Minerals and Petroleum Resources on 02 September.
The price changes are as follows:
- Petrol 93 (ULP & LRP): Decrease of 92 cents
- Petrol 95 (ULP & LRP): Decrease of 92 cents
- Diesel (0.05% sulphur): Decrease of 79 cents
- Diesel (0.005% sulphur): Decrease of R1.05
- Illuminating Paraffin (wholesale): Decrease of R1.03
- Single Maximum National Retail Price for illuminating paraffin: Decrease of R1.38
- Maximum LPGas Retail Price: Decrease of 10 cents
For instance, the price of a litre of 95 petrol in Gauteng will drop from R23.11 to R22.19 as of Wednesday (4 September).
The department attributed these reductions to several factors:
- The average Brent Crude oil price fell from 83.55 USD to 78.54 USD per barrel, driven by increased production from major oil-producing countries and anticipated interest rate cuts by the US Federal Reserve.
- The average international petroleum product prices decreased in line with lower crude oil prices, contributing to lower Basic Fuel Prices.
- The Rand appreciated against the US Dollar, reducing Basic Fuel Prices further.
These changes are set to take effect on September 4th.