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The price of all grades of petrol will drop by 15 cents a litre on Wednesday.
The Department of Mineral Resources and Energy announced the fuel price adjustments for August this morning.
Spokesperson, Robert Maake, says the prices of both grades of diesel will come down by 17 and 28 cents a litre respectively, while illuminating paraffin drops by 29 cents.
LP Gas will come down by 14 cents per kilogram.
Maake said the factors behind the fuel price adjustments were:
The average Brent Crude oil price increased from 82.24 US Dollars (USD) to 83.55 USD per barrel, during the period under review. The main contributing factors are the decline in US inventories, reduced production from Canada due to the wildfires, tensions in the Middle East as well as continued production cuts by OPEC.
The average international product prices for petrol increased slightly on average as the summer seasonal demand in the Northern Hemisphere improved, while diesel and illuminating paraffin prices decreased on average during the period under review.
The Rand appreciated on average, against the US Dollar (from 18.44 to 18.23 Rand per USD) during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 14.00 per litre.
The cumulative slate amounted to a positive balance of R1.8 billion for petrol and diesel of at the end of June 2024. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remain in the price structures of petrol and diesel with effect from the 7th of August 2024.
The Department said the fuel prices schedule for the different zones will be published on Wednesday, 7 August.
