Fuel price drops to lowest levels since February 2022
From midnight tonight, South Africans will again be paying less for fuel, and this time, the prices will be at a rate last seen in February 2022, and between R4,49 and R6,65 per litre less than in October 2023.
Fuel prices hit a high in July 2022 when the inland price for 93 unleaded petrol hit R26,31 per litre, 95 unleaded petrol cost R26,78 per litre, and the wholesale price for 50ppm diesel was R25,40 per litre. From tomorrow consumers will be paying between R5,58 and R6,96 per litre less than in July 2022.
This relief should be welcome to consumers, who will save between R58 and R63 rands per litre for a 55-litre tank of fuel.
The price of Brent crude oil dropped on average from US$78,54 to US$72,82, due to increased production from the major oil-producing countries, despite concerns over lower demand.
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 91,74 cents per litre and 85,04 cents per litre; diesel by 91,37 and 85,04 cents per litre; and illuminating paraffin by 87,64 cents per litre.
The Rand appreciated on average, against the US dollar – from R18,05 to R17,68 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 21c per litre.
The cumulative slate amounted to a positive balance of R3,84 billion (up from R2,13bn) for petrol and diesel at the end of August. Therefore, the slate levy of zero cents per litre remains in the price structures of petrol and diesel with effect from 2 October 2024.
Based on current local and international factors, the fuel prices will be adjusted as follows from 2 October 2024:
Petrol 93 ULP & LRP: Decrease of R1,06/l
95 ULP & LRP: Decrease of R1,44/l
Diesel 500ppm: Decrease of R1,14/l
Diesel 50ppm: Decrease of R1,12/l
Illuminating paraffin: Decrease R1,11/l on the wholesale price
Illuminating paraffin: Decrease of R1,48/l on the suggested retail price
LPGas: Increase of 23c/kg on the maximum retail price
Revised transport tariffs
The Port of Port Elizabeth (PE) has been temporarily closed due to an incident that occurred at the Port in June 2024. The Minister of Mineral Resources and Energy has approved the implementation of the revised transport tariffs for petrol, diesel and illuminating paraffin with effect from 2 October 2024. The adjustment does not apply to Mpumalanga, though.
Octane differentials between 95 and 93 petrol grades
In line with the Working Rules to determine the Basic Fuels Prices (BFP), the differential between 95 and 93 octanes is adjusted on the first Wednesday of each quarter. The BFP Octane differential has changed during the previous quarter and therefore the retail prices of 95 and 93 petrol octanes will be different in each fuel-pricing zone with effect from 2 October 2024.
