South Africa reduce price of petrol, diesel and gas

South Africa Department of Mineral Resources and Energy don announce reduction for di price of petrol, diesel, gas and illuminating paraffin.

For one statement from di ministry, dem say di cost of petrol go reduce by 92 cents per litre, while di price of diesel go reduce by 79 cents per litre.

Di price of Illuminating paraffin go reduce by 103 cents, while di price of gas go go down by 10 cents per kilogram.

Di Ministry say di price reduction go come into effect from Wednesday, 4 September.

Dis no be di first time South Africa dey adjust di price of dia petrol, according to di ministry, South Africa dey adjust dia fuel prices every month based on di global price of oil and di rand exchange rate.

“South Africa fuel prices dey adjusted monthly, wey dey informed by international and local factors. International factors wey include di fact say South Africa dey import both crude oil and finished products for di price wey international level set, plus di importation costs, e.g., shipping costs.

Reports say dis na di fourth consecutive time di kontri go reduce di price of fuel back to back from di about R25.15 e bin dey for di month of May.

Why South Africa oil price dey reduce

Di Department of Mineral Resources and Energy don give reasons for di fuel adjustment wey include di price of crude oil, Rand/US Dollar exchange rate, and among oda factors.

Crude oil prices

According to di ministry, di average Brent Crude oil price bin reduce from 83.55 US Dollars (USD) to 78.54 USD per barrel, during di period under review. Di main contributing factors na di increased production from major oil-producing kontris despite lower demand concerns, plus di anticipated interest rate cuts by di US Federal Reserve.

International petroleum product prices

Di average international petroleum product prices decrease on average during di period under review in line wit lower crude oil prices. Dis bin lead to lower contributions to di Basic Fuel Prices of petrol by 85.59 c/l and 78.40 c/l, diesel by 93.55 c/l and 67.63 c/l and illuminating paraffin by 91.86 c/l, respectively.

Rand/US Dollar exchange rate

Di Rand bin appreciate on average against di US Dollar (from 18.23 to 18.05 Rand per USD) during di period under review wen compared to di previous one. Dis don lead to lower contributions to di Basic Fuel Prices of all products by over 10.00 cents per litre.

Implementation of di Slate Levy

Di cumulative slate bin amount to a positive balance of R 2.13 billion for petrol and diesel for di end of July 2024. In line wit di provisions of di Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remain for di price structures of petrol and diesel and e go take effect from di 4th of September 2024.

Annual Wages Adjustment for di Forecourt Staff

Di Minister of Mineral Resources and Energy bin approve 5.3 c/l increase for di price structures of petrol to accommodate di wage increase for Forecourt employees in line wit di Motor Industry Bargaining Council (MIBCO) Agreement. Dem go implement dis increase from di 4th of September 2024.

How di price of petrol and diesel change in recent months

From di beginning of 2024, di prices of petrol and diesel dey fluctuate for di South African kontri according to di Department of Mineral Resources and Energy.

February 2024

For February, di price of petrol and diesel bin go up.

Di Mineral Resources and Energy Minister, Gwede Mantashe, bin announce di adjustment of fuel prices for February 2024, wey show increase for both di petrol and diesel prices.

Di department say consumers go now pay 75c more for a litre of unleaded petrol of both grades (93 and 95), while di wholesale price of diesel go go up by between 70c and 73c.

Dem add say di wholesale price of illuminating paraffin go increase by 53c a litre and di maximum retail price for LP gas go go up by 37c per kg.

Dem say di reason for dis na sake of di cost of di average Brent Crude oil, wey increase from US $ 77.35 to US $ 82.03 for di past month.

Di department also say anoda factor wey contribute to di increase na di impact of di geopolitical risk or attacks on oil cargoes for di Middle East, particularly for di Red Sea wey don hike di shipping cost, among odas.

March, di price of petrol bin increase:

Petrol (93 ULP & LRP): One hundred and twenty-one cents per litre (121.00 c/l) increase.

Petrol (95 ULP & LRP): One hundred and twenty-one cents per litre (121.00 c/l) increase.

Diesel (0.05% sulphur): One hundred and five point seven cents per litre (105.70 c/l) increase.

Diesel (0.005% sulphur): One hundred and eighteen point seven cents per litre (118.70 c/l) increase.

Illuminating Paraffin (wholesale): Sixty-four cents per litre (64.00 c/l) increase.

SMNRP for IP: Eighty-five cents per litre (85.00 c/l) increase.

May, di price increase:

Petrol (93 ULP & LRP): thirty-seven cent per litre (37.00 c/l) increase.

Petrol (95 ULP & LRP): thirty-seven cents per litre (37.00 c/l) increase.

Diesel (0.05% sulphur): thirty cents per litre (30.00 c/l) decrease.

Diesel (0.005% sulphur): thirty-six cents per litre (36.00 c/l) decrease.

Illuminating Paraffin (wholesale): nineteen cents per litre (19.00 c/l) decrease.

SMNRP for IP: twenty-five cents per litre (25.00 c/l) decrease.

Maximum LPGas Retail Price: thirty-seven cents per kilogram (46.00 c/kg) decrease

July, di price of fuel, diesel and gas drop:

Petrol 93 (ULP & LRP): One hundred and five cents per litre (105.00 c/l) decrease.

Petrol 95 (ULP & LRP): Ninety-nine cents per litre (99.00 c/l) decrease.

Diesel (0.05% sulphur): Thirty point three eight cents per litre (30.38 c/l) decrease.

Diesel (0.005% sulphur): Twenty-four point three eight cents per litre (24.38 c/l) decrease.

Illuminating Paraffin (wholesale): Eighteen cents per litre (18.00 c/l) decrease.

SMNRP for IP: Twenty-four cents per litre (24.00 c/l) decrease.

Maximum LPGas Retail Price: Twenty-two cents per kilogram (22.00 c/kg) decrease;

August, di price of petrol, diesel, gas reduce:

Petrol 93 (ULP & LRP): Fifteen cents per litre (15.00 c/l) decrease.

Petrol 95 (ULP & LRP): Fifteen cents per litre (15.00 c/l) decrease.

Diesel (0.05% sulphur): Twenty eight cents per litre (28.00 c/l) decrease.

Diesel (0.005% sulphur): Seventeen cents per litre (17.00 c/l) decrease.

Illuminating Paraffin (wholesale): Twenty-two cents per litre (22.00 c/l) decrease.

SMNRP for IP: Twenty-nine cents per litre (29.00 c/l) decrease.

Maximum LPGas Retail Price: Fourteen cents per kilogram (14.00 c/kg) decrease.