By Mpho Moloi
The Department of Energy announced another decrease in fuel prices for September 2024. This marks the fourth consecutive month of fuel price reductions, offering much-needed respite to consumers amidst ongoing economic pressures.
The adjustments, effective from Wednesday, 4 September 2024, will see the following changes at the pumps:
• Petrol 93: A decrease of 92 cents per litre.
• Petrol 95: A decrease of 92 cents per litre.
• Diesel 0.05%: A decrease of 79 cents per litre (wholesale).
• Diesel 0.005%: A significant decrease of 105 cents per litre (wholesale).
• Illuminating Paraffin: A decrease of 103 cents per litre.
• LPGAS: A minor decrease of 10 cents per kilogram.The reduction in fuel prices can be attributed to a combination of factors. A relatively stable global oil price, coupled with the strengthening of the South African Rand against the US Dollar, played a crucial role in driving down the costs. The average Brent Crude oil price dropped from $83.55 to $78.54 per barrel during the review period, while the Rand appreciated slightly against the Dollar, further easing the pressure on fuel prices.
The cumulative effect of these factors led to lower contributions to the Basic Fuel Prices across all fuel types, which translated into the substantial reductions motorists will see at the pumps. For instance, the average price for Diesel 0.005% has seen the most significant cut, offering substantial savings for consumers and businesses relying on diesel-powered vehicles.
This ongoing trend of decreasing fuel prices has been welcomed by the Automobile Association (AA), which noted that these reductions provide much-needed relief for both consumers and businesses. The AA highlighted that this continued decrease could positively impact the broader economy by reducing transportation and production costs, potentially leading to lower prices for goods and services across various sectors.
Motorists and consumers alike are encouraged to take advantage of the reduced fuel prices as they navigate the ongoing economic challenges. With the promise of further potential relief in the coming months, this trend could continue to offer financial reprieve for South Africans dealing with the high cost of living.
As always, the Department of Energy will continue to monitor the global oil market and currency fluctuations to adjust fuel prices accordingly in the future.
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