Fuel Prices Drop for August 2024

The Department of Minerals and Petroleum Resources has some good news for motorists! Starting Wednesday, fuel prices will see a nice decrease across the board for August.

Here’s what to look forward to: Petrol 93 and 95 will drop by 15 cents per litre, Diesel (0.05% sulphur) will see a cut of 28 cents, and Diesel (0.005% sulphur) will be down by 17 cents. Moreover, illuminating paraffin prices will drop by 22 cents wholesale and 29 cents at the retail level. Even LP Gas prices will decrease by 14 cents per kilogram!

If you’re in Gauteng, the price for a litre of 95 petrol will go from R23.26 to R23.11 starting this Wednesday.

The Department explained that this price reduction comes after a mix of international and local factors. The average Brent Crude oil price rose slightly, moving up from $82.24 to $83.55 per barrel. Reasons include a dip in US inventories, reduced oil production in Canada due to wildfires, ongoing tensions in the Middle East, and continued production cuts by OPEC.

Interestingly, while petrol prices increased slightly, diesel and illuminating paraffin prices decreased on average during this period. The good news continues with the Rand strengthening against the USD, shifting from 18.44 to 18.23 Rand per dollar during the review period, which had a positive influence on fuel prices.

As of the end of June, the fuel slate showcased a surplus of R1.8 billion for both petrol and diesel. Thanks to this good standing, there will be a slate levy of zero cents per litre in the price structures for petrol and diesel effective from August 7, 2024.