Fuel Prices Set to Decrease in South Africa

The price of petrol in South Africa will drop by 92 cents per litre starting Wednesday, as announced in the latest monthly fuel price adjustment by the Department of Mineral Resources and Energy.

Alongside the reduction in petrol prices, diesel prices will also see a decrease of 79 cents, bringing it down to R1.05 per litre. Additionally, the price of illuminating paraffin is set to fall by R1.03 per litre.

This marks the fourth consecutive month of declining petrol prices, which have fallen from approximately R25.15 per litre in May. The decline is largely attributed to the decreasing prices of Brent crude oil.

The South African government adjusts fuel prices each month based on the global oil price fluctuations and the strength of the rand against the dollar. According to the latest report, the average price of Brent crude oil has decreased from $83.55 to $78.54 per barrel due to increased production from major oil-producing nations.

Moreover, the rand has shown improvement, strengthening from an average of R18.23 to R18.05 against the dollar over the past month. These adjustments will result in the petrol price falling to R21.79 per litre for the 93 octane grade and R22.19 per litre for the 95 octane grade.