Petrol and diesel prices will be lowered on Wednesday to levels last seen in the first half of 2023.
Both unleaded petrol 93 and 95 will be cut by 92c a litre. Wholesale diesel prices will be lowered by R1.05 (0.005% sulphur) and 79c (0.05% sulphur). The wholesale price of illuminating paraffin will be cut by R1.03/litre.
The latest cuts bring petrol (95) to R22.19 a litre in Gauteng, and R21.40 on the coast. These are the cheapest levels since February 2023.
The Gauteng wholesale diesel price will be R19.59 a litre from Wednesday, and R18.80 on the coast, the lowest since June 2023.
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 slumped from $83.55 a barrel to $78.54 over the past month.
“The main contributing factors are the increased production from major oil-producing countries despite lower demand concerns, and the anticipated interest rate cuts by the US Federal Reserve,” the Department of Mineral Resources said in a statement.
The rand also firmed, from an average of R18.23/$ over the past month to R18.05.
Fuel prices will be adjusted on Wednesday.
