By Phenyo Sellinda
The Department of Minerals and Petroleum Resources has announced a decrease in fuel prices across all grades for the month of August. The new prices will take effect from Wednesday, bringing some relief to South African motorists.
Fuel Price Adjustments:
• 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 decreaseThis adjustment means that a litre of 95 petrol, currently priced at R23.26 in Gauteng, will drop to R23.11 per litre starting Wednesday.
Factors Influencing Price Changes
In a statement on Monday, the department outlined the international and local factors behind this month’s price adjustments. The global oil market saw several key developments:
• Brent Crude Oil Price: The average Brent Crude oil price rose from 82.24 US Dollars (USD) to 83.55 USD per barrel. This increase was influenced by several factors, including a decline in US oil inventories, reduced production from Canada due to wildfires, tensions in the Middle East, and ongoing production cuts by OPEC (Organization of the Petroleum Exporting Countries).
• International Product Prices: While petrol prices saw a slight increase due to higher summer demand in the Northern Hemisphere, diesel and illuminating paraffin prices decreased on average.
• Rand Appreciation: The Rand appreciated against the US Dollar, improving from an average of 18.44 to 18.23 Rand per USD during the review period. This appreciation resulted in a decrease in the Basic Fuel Prices of all products by about 14.00 cents per litre.The combination of these factors has led to the favourable adjustments in fuel prices for South Africans this month.
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