The Department of Minerals and Petroleum Resources 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, while diesel will cost R20.74.
Inland prices:
Petrol 93: R22.71
Petrol 95: R23.11
Diesel 0.05%: R20.38
Diesel 0.005%: R20.74
Coastal prices:
Petrol 93: R21.92
Petrol 95: R22.32
Diesel 0.05%: R19.59
Diesel 0.005%: R19.98.
The all-time high was R26.74 in July 2022, with diesel costing R25.53 at the time.
The price of petrol in August has decreased by approximately 13.58% compared to the all-time high some 24 months ago.
Motorists in South Africa are therefore paying as follows for different tank sizes:
Savings for a 37-litre tank - R134.31 - Toyota Starlet or Suzuki Swift
Savings for a 40-litre tank - R163.35 - Volkswagen Polo or Renault Kiger
Savings for a 45-litre tank - R163.35 - Volkswagen Polo Vivo or Hyundai Venue/Kia Sonet
Savings for a 50-litre tank - R181.50 - Nissan NP200 or Toyota Corolla
Savings for a 60-litre tank - R217.80 - Haval H6
Savings for an 80-litre tank - R290.40 - Toyota Hilux or Ford Ranger or Toyota Fortuner
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.
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