Fuel Prices Set to Decrease in June, Bringing Relief to South African Consumers
Table of Contents
Thabo Mosai: The Department of Mineral Resources and Energy (DMRE) announced a decrease in the price of all grades of fuel. The new prices, which will take effect on Wednesday, are expected to provide significant financial relief for consumers across the country.
Details of the Decrease:
- Petrol 93 and 95 (ULP and LRP): Reduced by R1.24 per litre
- Diesel (0.05% sulphur): Reduced by R1.18 per litre
- Diesel (0.005% sulphur): Reduced by R1.08 per litre
- Illuminating Paraffin (wholesale): Reduced by 80 cents per litre
- Single Maximum National Retail Price for Illuminating Paraffin: Reduced by R1.07 per litre
- Maximum LP Gas Retail Price: Reduced by R1.35 per kilogram
Influencing Factors
The DMRE outlined several key factors that contributed to the adjustment in fuel prices:
- Decrease in Brent Crude Oil Prices: The average price of Brent Crude oil fell from $88.10 to $82.98 per barrel during the period under review.
- International Product Prices: Following the decrease in Brent Crude oil prices, international product prices also dropped. Additionally, the release of inventories by the US ahead of the Memorial holiday further impacted petrol prices.
- Appreciation of the Rand: The Rand appreciated against the US Dollar, averaging R18.45 per USD, compared to R18.90 previously. This contributed to lower Basic Fuel Prices (BFP) with petrol experiencing a reduction of 76.16 cents per litre, diesel between 60.00 – 71.00 cents per litre, and illuminating paraffin by 50.20 cents per litre.
Economic Implications
This fuel price reduction comes as a significant relief for South Africans grappling with high living costs. Lower fuel prices generally translate to decreased transportation and logistics costs, which in turn can lead to lower prices for goods and services. The DMRE’s announcement is anticipated to provide a welcome easing of financial pressure for households and businesses alike.
Economist, Thando Mlotshwa, commented on the development: “This price reduction can stimulate economic activity by reducing operational costs for businesses and increasing disposable income for consumers. It’s a positive shift for the economy, especially as we navigate through a period of economic recovery.”
_______________________________________
Central News Weekly Edition 055: Download the latest special edition of Central News Print and Digital Newspaper. Top Story : “ANC Chairperson Gwede Mantashe Blames Media for Party’s Decline in Recent Elections”
Download Here:
Read all our publications on magzter:
https://www.magzter.com/ZA/Central-News-Pty-Ltd/Central-News/Newspaper/All-Issues
________________________
Central News also offers Sponsored Editorial Content, Podcasts , Radio / Social Media Simulcast, Video Production , Live Streaming Services, Press Conferences, and Paid Interviews (Video/Audio) etc.
We guarantee exceptional exposure, reach, and engagement, with an excellent return on investment.
Advertisement:
To place your advert on our platforms (Print Newspaper or Digital Platforms) : Please email : sales@centralnews.co.za
For Business Related:
business@centralnews.co.za
Newsroom:
Send your Stories / Media Statements To: newsroom@centralnews.co.za
General Info:
info@centralnews.co.za
Office Administrator:
admin@centralnews.co.za
Whatsapp / Call: 081 495 5487
Website: https://www.centralnews.co.za
Social Media Platforms (@centralnewsza) : Linkedin, Facebook, Tiktok, Twitter, Instagram, Youtube
#centralnewsza