Another welcome drop in the fuel price from tomorrow
South Africans will experience another reduction in fuel prices from tomorrow when the prices will come down significantly for all fuels.
The price reduction follows a combination of lower oil prices, lower petroleum-product prices, and a strengthening rand. That means that motorists can save around R55 on a tank of petrol and R82 on a tank of diesel.
The price of Brent crude oil dropped on average from US$83,55 to US$78,54, due to increased production from the major oil-producing countries and the anticipated interest-rate cuts by the US Federal Reserve.
The average international product price for petroleum products decreased in line with crude-oil prices, leading to lower contributions to the basic fuel price of petrol 85,59 cents per litre and 78,4 cents per litre; diesel by 93,55 and 67,63 cents per litre; and illuminating paraffin by 91,86 cents per litre.
The Rand appreciated on average, against the US dollar – from R18,23 to R18,05 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 more than 10c per litre.
The cumulative slate amounted to a positive balance of R2,13 billion (up from R1,8bn) for petrol and diesel at the end of July. Therefore, the slate levy of zero cents per litre remain in the price structures of petrol and diesel with effect from 4 September 2024.
The Minister of Mineral Resources and Energy approved a 5,3c per litre increase in the price structure for a wage increase or forecourt employees.
Based on current local and international factors, the fuel prices will be adjusted as follows from 7 August 2024:
Petrol (93 and 95 ULP & LRP): Decrease of 92c/l
Diesel 500ppm: Decrease of 79c/l
Diesel 50ppm: Decrease of R1,05/l
Illuminating paraffin: Decrease R1,03/l on the wholesale price
Illuminating paraffin: Decrease of R1,38/l on the suggested retail price
LPGas: Decrease of 10c/kg on the maximum retail price
