Cape Town — Consumers of diesel, paraffin and gas can breathe a small sigh of relief after price decreases in all fuel and slight changes in the prices of petrol were announced.
Minister of Mineral Resources and Energy Gwede Mantashe announced the adjustment of fuel prices based on current local and international factors with effect from the 5th of April 2023.
The new prices are as follows:
- 93 grade petrol will decreased by one cent per litre
- 95 Petrol is expected to increase by two cents per litre
- Diesel 0.05% will go down by some 73c
- Diesel 0.005% is expected to also decrease by some 74c
- Wholesale illuminating paraffin will decrease by R1.24
- The price of Single Maximum National Retail price for illuminating paraffin will decrease by R2.01
- The Maximum LP Gas Retail Price will decrease by 92c
The main reasons for the fuel price adjustments are due to crude oil prices, international petroleum product prices, Rand/US Dollar exchange rate, Fuel Levy and Road Accident Fund (RAF), octane differentials between 95 and 93 petrol grades, adjustment to revised road and pipeline transport tariffs, and the implementation of the Slate Levy.
“The average international product prices of petrol decreased following the lower brent crude oil prices during the period under review. The movement in product prices has led to a lower contribution to the Basic Fuel Price of petrol 93 Octane by 40c per litre and 95 Octane by 39c per litre, diesel 500 ppm by R1.16 per litre and 50ppm by R1.17 per litre as well as illuminating paraffin by R1.77 per litre.
“The Rand depreciated, on average, against the US Dollar from 17.74 to 18.03 Rand per USD during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 37c, 39c and 38c per litre, respectively,” the Department of Mineral Resources and Energy said.
The department also highlighted that there was “volatility” in the markets over the past month.
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Compiled by Junaid Benjamin
