Diesel price pinch, petrol down for August

Russia/Ukraine conflict leads to steeper diesel prices, petrol users spared as official fuel price adjustments are announced

24 hours ago

Gugu Myeni 1 minute read

Fuel price adjustments for August announced PHOTO: Srattha Nualsate/Pexels

It is a slight sigh of relief for petrol users who will pay 52 cents per litre less at the pumps this month.

The price of diesel will, however, increase by R1.38 per litre as of midnight on Tuesday, while illuminating paraffin is expected to rise by R1.52 per litre.

ALSO READ: 5 fuel saving tips to survive the hike

This was announced by Department of Mineral and Petroleum Resources Minister Gwede Mantashe, who released the official fuel price adjustments for August this (Monday) afternoon.

“South Africa’s fuel prices are adjusted monthly, informed by international and local factors. 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,” said Mantashe.

“The average international product prices of petrol decreased during the period under review, while the prices of diesel and illuminating paraffin increased due to supply shortages caused by the Russia/Ukraine conflict, which resulted in diesel export restrictions by Russia.

“The situation was compounded by the Middle East refineries that were operating below capacity,” he said.

Mantashe said the rand also depreciated slightly on average against the US dollar, from R16.34 to R16.46 per USD during the period under review when compared to the previous one.

“This led to higher contributions to the basic fuel prices of petrol, diesel and Illuminating paraffin by 6.37 cents per litre, 8.14 cents per litre and 7.89 cents per litre respectively,” said Mantashe.

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