Cape Town – The Department of Minerals and Petroleum Resources has announced fuel price decreases for August, effective Wednesday.
The reductions are as follows:
- Petrol 93 and 95: 15 cents per litre
- Diesel (0.05% sulphur): 28 cents per litre
- Diesel (0.005% sulphur): 17 cents per litre
- Illuminating Paraffin (wholesale): 22 cents per litre
- Single Maximum National Retail Price for illuminating paraffin: 29 cents per litre
- Maximum LP Gas Retail Price: 14 cents per kg
The price of 95 petrol in Gauteng, for example, will drop from R23.26 to R23.11 per litre.
The department attributed these changes to fluctuations in international oil prices, a stronger Rand, and varying product demands.
“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 (Organisation 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 in a statement on Monday.
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Compiled by Betha Madhomu
