SA Fuel Prices Continue Decline in July 2024

In what seems to be a welcomed trend for motorists, the Department of Mineral Resources and Energy has announced a further decline in fuel prices for July 2024. This marks the third consecutive decrease in fuel costs for the year, providing a bit of relief for drivers across South Africa amidst economic uncertainty.

The Department of Mineral Resources and Energy revealed that petrol, diesel, and paraffin prices are set to drop from the beginning of July. This news comes after June’s adjustments that already showed a downward trend in fuel costs, particularly favoring diesel drivers in the country’s market.

Effective from Thursday, July 4th, motorists can expect petrol prices to hover around the range of R22-R23 per litre, signifying a significant reduction from previous months’ rates. This shift comes as a welcomed respite for many who have been grappling with high fuel expenses in recent times.

The decision-making process behind the fluctuating fuel prices involves multiple factors monitored by esteemed entities such as the Central Energy Fund (CEF). This includes tracking the Rand/US Dollar exchange rate and keeping a close watch on global refined oil prices which directly impact the local fuel pricing mechanism.

Additionally, alongside the adjustments to fuel prices, this month sees a 4.38c/l decrease in the slate levy, contributing further to the overall cost reduction at the pump for consumers in SA. The reduction in levy aims to alleviate the burden on motorists and provide some financial relief amid the prevailing economic challenges.