Petrol and diesel prices are going down across the board this December, providing much-needed relief for motorists wanting to hit the long road over the holiday season.
The Department of Mineral Resources and Energy (DMRE) announced that petrol prices are going down by 65 cents per litre come Wednesday, 6 December, while diesel prices will drop by a much more substantial R2.35 per litre.
Economic factors affecting South African fuel prices
During November, average international oil prices dropped from around $90/barrel to under $83/barrel, leading to a subsequent drop in the international product prices for petrol and diesel.
This contributed to a decrease of 66.15c/l to the basic fuel prices (BFP) prices of both grades of petrol in South Africa, and a cut of between R1.87/l to R1.93/l for diesel.
Moreover, the rand appreciated against the US dollar during the period under review, standing at an average of R18.58/dollar on 30 November, compared to R19.08/dollar on 27 October. This led to a lower contribution to the basic fuel prices on petrol and diesel by 33.11c/l and 36.49c/l, respectively.
In line with the application of the Regulatory Accounts System, the Minister of Mineral Resources and Energy has further approved a net increase of 60.1c/l in the annual margin adjustments on petrol and a net increase of 13.88c/l on diesel, with effect from 6 December 2023.
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a Slate Levy decrease of 26.30c/l to 26.32c/l will also be implemented into the price structures of petrol and diesel from this Wednesday.
With these inputs accounted for, fuel prices in South Africa on 6 December will be adjusted as follows, according to the DMRE:
- Petrol 93 – Decrease of 65 cents a litre
- Petrol 95 – Decrease of 65 cents a litre
- Diesel 0.05% – Decrease of R2.35 a litre
- Diesel 0.005% – Decrease of R2.41 a litre
The following table shows how November’s fuel price changes will reflect at the pump:
| Fuel type | Inland | Coastal |
|---|---|---|
| Petrol 93 | R22.79 | R22.07 |
| Petrol 95 | R23.25 | R22.53 |
| Diesel 0.05% | R21.82 | R21.09 |
| Diesel 0.005% | R21.99 | R21.30 |
