The Department of Mineral Resources and Energy has announced that petrol and diesel prices will come down on Wednesday.
This is the fourth month in succession that the fuel prices have dropped, and the department said this is due to local and international factors.
“Both grades of petrol will decrease by 92 cents per litre, diesel will decrease by 79 cents and R1.05 cents per litre.
Illuminating paraffin will decrease by R1.38 cents per litre, and LP gas will decrease by 10 cents per kilogram.
The reason for these decreases is the lower oil prices and stronger rand against the dollar during the period under review.
The prices of petrol have dropped by about R3.44 cents per litre over the period,” said the department spokesperson.
The country’s fuel prices are adjusted monthly, informed by international oil and fuel costs and the rand exchange rate.
The average Brent oil price slumped from $83.55 a barrel to $78.54 over the past month.
“The main contributing factors are the increased production from major oil-producing countries despite lower demand concerns, and the anticipated interest rate cuts by the US Federal Reserve,” added Maake.
The prices will be adjusted on Wednesday.
