Cape Town — With the petrol prices for July now confirmed, South Africans can expect yet another month of fuel decreases after a series of fuel increases in the first half of 2024.
The Department of Mineral Resources and Energy (DMRE) confirmed that petrol and diesel prices will officially drop on Thursday 4 July, one day later than the usual price change of the first Wednesday per month.
This comes as new minister, Gwede Mantashe, was not officially sworn-in yet, and will only be able to sign off on the price change on Wednesday evening.
93 Petrol will decrease by R1.05 per litre, 95 petrol will decrease by 99 cents per litre, while both 0.05% and 0.005% diesel will decrease by 30.38 cents and 24.38 cents per litre respectively. Illiuminating paraffin will also decrease slightly by 18 cents per litre.
The department said fuel prices are adjusted monthly and are determined by intenrational and local factors, including the Brent Crude oil prices, intenrational petrol prices, and the Rand/Dollar exchange rate, implementation of the slate levy, and the octane differentials of 93 and 95 petrol.
[MEDIA STATEMENT]
The Department of Mineral Resources and Energy [@DMRE_ZA] announces the adjustment of fuel prices based on current local and international factors with effect from the 4th of July 2024…..https://t.co/4sdpJlc9zv pic.twitter.com/dERfECoxJR
— Department of Mineral Resources and Energy (@DMRE_ZA) July 2, 2024
According to IOL, consumers will now pay R22.47 per litre for 95 unleaded on the coast and R23.26 inland, while 93 unleaded will cost R22.86. The price of diesel 0.005% will now cost R20.15 at the coast and R20.91 inland.
Following President Cyril Ramaphosa’s first cabinet reshuffle under the new government of national unity, all eyes will be on the more narrowly focussed Department of Mineral and Petroleum Resources, with the Automobile Association calling for a comprehensive review of the current fuel price calculation.
Gwede Mantashe remains as Minister, while the general energy portfolio has been moved to a new department where it sits alongside the electricity portfolio.
The July fuel price drop has been welcomed as more relief for motorists amid the increased cost of living. The second consecutive decrease comes into effect at midnight. The decrease has again been attributed to the lower cost of the international oil price and positive… pic.twitter.com/xuvtEhyRUH
— Newzroom Afrika (@Newzroom405) July 3, 2024
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Compiled by Matthew Petersen
