Consumers can breathe a sigh of relief, following the announcement of a fuel decrease by the department of Mineral and Petroleum Resources.
The price decrease will take effect from Wednesday.
“Both grades of petrol will decrease by 65 cents a litre.
Diesel will decrease by 50 and 57 cents a litre.
Illuminating paraffin at retail level will decrease by 70 cents a litre.
LP gas will increase by 31 cents countrywide and by 36 cents in Western Cape,” said the department spokesperson, Robert Maake.
According to Maake, the reduction is due to local and international factors.
“The rand appreciated against the US dollar during the period under review and cushioned the fuel prices by 28 and 32 cents a litre.
The average international product prices decreased due to availability of inventory; this is despite the fact that the crude oil prices increased on average during the same period.
The maximum retail price of LP gas is increasing due to demand in the Northern Hemisphere, they’re experiencing extreme cold winter conditions this winter season,” explained Maake.
In addition, Maake said the slate levy remains unchanged at zero cents per litre in the price structure of both petrol and diesel.
Maake highlighted that the country’s fuel prices are adjusted monthly, informed by international and local factors.
Furthermore, international factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g., shipping costs.
