Relief at the pumps: Fuel prices to drop from midnight
Motorists can expect relief at the pumps from midnight as petrol, diesel and LP gas prices will decrease.
The Department of Mineral and Petroleum Resources (DMPR) has confirmed that the prices of petrol, diesel, illuminating paraffin and LP gas will decrease from midnight.
The following price adjustments will apply:
- Petrol 93 (ULP & LRP): Decrease of 51c per litre
- Petrol 95 (ULP & LRP): Decrease of 51c per litre
- Diesel (0.05% sulphur): Decrease of 21c per litre
- Diesel (0.005% sulphur): Decrease of 19c per litre
- Illuminating paraffin (wholesale): Decrease of 1c per litre
- Single Maximum National Retail Price for Illuminating Paraffin: Decrease of 1c per litre
- Maximum Retail Price of LP Gas: Decrease of 61c per litre and 70c in the Western Cape
As of Wednesday, a litre of Petrol 95 (ULP & LRP) will cost R21.12 in Gauteng and R20.29 at the coast.
Global factors drive price relief
According to the DMPR, ‘the average Brent crude oil price decreased from US$67.16 to US$64.14 during the period under review’.
The department said the decline was due to oversupply from increased global production and uncertainty caused by trade tensions, which affected economic growth and oil demand.
“The average international prices of petrol and diesel followed the decreasing trend of crude oil prices. This led to lower contributions to the Basic Fuel Prices of petrol by 39.94c per litre and diesel by 8.83c per litre,” the DMPR said.
While illuminating paraffin prices increased slightly, propane and butane prices decreased over the same period.
Rand appreciation adds to reduction
The DMPR also noted that the rand strengthened slightly against the US dollar.
“The rand appreciated on average, against the [USD], from R17.49 to R17.29 per USD during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of petrol by 10.60c per litre, diesel by 11.77c per litre and illuminating paraffin by 11.53c per litre, respectively,” the department said. – SAnews.gov.za
Breaking news at your fingertips… Follow Caxton Network News on Facebook and join our WhatsApp channel.
Nuus wat saakmaak. Volg Caxton Netwerk-nuus op Facebook en sluit aan by ons WhatsApp-kanaal.
