South African fuel prices are largely determined by international oil and fuel costs and the rand exchange rate, as oil is priced in dollars. (Westend61/Getty Images)
Petrol and diesel prices will be lowered on Wednesday as Brent crude oil failed to strengthen and the rand gained some ground.
The price of 95 unleaded petrol will be lowered by 99c a litre, while 93 unleaded petrol will fall by R1.05. The wholesale price of diesel will drop by between 24c and 30c a litre, depending on the sulphur content.
Illuminating paraffin will be cut by 18c a litre. The maximum LP Gas retail price will drop by 22c/kg.
South African fuel prices are largely determined by international oil and fuel costs and the rand exchange rate, as oil is priced in dollars.
The average Brent oil price decreased from $82.98 a barrel to $82.24 during the period under review. The main contributing factors were increased oil production by the US and other countries who are not members of the Organisation of the Petroleum Exporting Countries, while economic growth slowed globally, the department of mineral resources and energy said in a statement.
Recently, the International Energy Agency also warned of a major oil surplus by 2030 as the transition to clean energy cools demand.
Meanwhile, the rand also strengthened slightly over the past month.
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