By Phenyo Selinda
The Department of Mineral and Petroleum Resources has announced a decrease in prices for all grades of fuel for July, offering much-needed relief to consumers. This marks the second consecutive month of fuel price reductions.
July Fuel Price Adjustments
The new fuel prices for July are adjusted as follows:
- Petrol 93 (ULP and LRP): R1.05 decrease
- Petrol 95 (ULP and LRP): 99c decrease
- Diesel (0.05% sulphur): 30c decrease
- Diesel (0.005% sulphur): 24c decrease
- Illuminating Paraffin (wholesale): 18c decrease
- Single Maximum National Retail Price for Illuminating Paraffin: 24c decrease
- Maximum LP Gas Retail Price: 22c decrease
Factors Influencing the Decrease
The department attributed the decrease in fuel prices to several international market factors. “The average Brent Crude oil price decreased from 82.98 US Dollars (USD) to 82.24 USD per barrel during the period under review. The main contributing factors are the increased production by the US and other non-OPEC countries amid slow economic growth globally,” the department stated.
The average international product prices of petrol also decreased, following the lower Brent Crude oil prices during the review period. This led to a lower contribution to the Basic Fuel Price (BFP) of petrol by 93.66 – 99.65 cents per litre, diesel by 17.55 – 23.80 cents per litre, and illuminating paraffin by 16.87 cents per litre.
Impact of the Rand’s Performance
The Rand’s performance against the US Dollar also played a role in the fuel price adjustments. “The Rand appreciated slightly, on average, against the US Dollar (from 18.46 to 18.44 Rand per USD) during the period under review compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 1.50 cents per litre,” the department added.
Effective Date
The adjusted fuel prices are set to take effect from Wednesday, 3 July 2024.
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