The Department of Mineral and Petroleum Resources (DMPR) has announced that the prices of petrol, diesel, illuminating paraffin, and liquefied petroleum (LP) gas will decrease from Wednesday this week.
The department said the adjustments follow lower Brent crude oil prices and a slightly stronger rand against the US dollar during the review period.
According to the DMPR, the following price changes will take effect:
- Petrol 93 (ULP & LRP): decrease of 51 cents per litre
- Petrol 95 (ULP & LRP): decrease of 51 cents per litre
- Diesel (0.05% sulphur): decrease of 21 cents per litre
- Diesel (0.005% sulphur): decrease of 19 cents per litre
- Illuminating Paraffin (wholesale): decrease of 1 cent per litre
- Single Maximum National Retail Price for Illuminating Paraffin: decrease of 1 cent per litre
- Maximum Retail Price of LP Gas: decrease of 61 cents per kilogram nationally, and 70 cents per kilogram in the Western Cape
From Wednesday, a litre of Petrol 95 (ULP & LRP) will cost R21.12 in Gauteng and R20.29 at the coast.
The department said the average Brent crude oil price declined from US$67.16 to US$64.14 during the review period. The decrease was attributed to oversupply caused by increased global production and concerns over global trade tensions, which have dampened demand for crude oil.
“The average international prices of petrol and diesel followed the decreasing trend of crude oil prices,” the DMPR said. “This led to lower contributions to the Basic Fuel Prices of petrol by 39.94 cents per litre and diesel by 8.83 cents per litre.”
While illuminating paraffin prices increased slightly on international markets, propane and butane prices declined.
The department added that the rand strengthened modestly against the US dollar, appreciating from R17.49 to R17.29 per US dollar over the same period. This further contributed to the downward adjustment in local fuel prices.
“This led to lower contributions to the Basic Fuel Prices of petrol by 10.60 cents per litre, diesel by 11.77 cents per litre, and illuminating paraffin by 11.53 cents per litre, respectively,” the statement said.
The fuel price relief is expected to provide some respite to consumers and transport operators amid persistent economic pressures.