Motorists and consumers will once again breathe a sigh of relieve as the Department of Mineral Resources and Energy (DMRE) announced that fuel prices will drop by midnight.
The main reasons for the fuel price drop can be attributed to the Rand that appreciated slightly against the US Dollar trading from R18, 46 to R18, 44 during the period under review.
Other international factors include petrol prices decreasing following the lower Brent crude oil prices during the period under review. The movement in product prices has led to a lower contribution to the Basic Fuel Price (BFP) of petrol by 93.66 – 99.65 c/l, diesel by 17.55 – 23.80 c/l and illuminating paraffin by 16.87 cents per litre.
The average Brent Crude oil price decreased from 82.98 US Dollars (USD) to 82.24 USD per barrel, during the period under review. The main contributing factors are the increased production by the US and other non-OPEC countries amid slow economic growth globally.
The fuel prices have been adjusted as follows:
Petrol 93 (ULP & LRP): One hundred and five cents per litre (105.00 c/l) decrease.
Petrol 95 (ULP & LRP): Ninety-nine cents per litre (99.00 c/l) decrease.
Diesel (0.05% sulphur): Thirty point three eight cents per litre (30.38 c/l) decrease.
Diesel (0.005% sulphur): Twenty-four point three eight cents per litre (24.38 c/l) decrease.
Illuminating Paraffin (wholesale): Eighteen cents per litre (18.00 c/l) decrease.
SMNRP for IP: Twenty-four cents per litre (24.00 c/l) decrease.
Maximum LPGas Retail Price: Twenty-two cents per kilogram (22.00 c/kg) decrease;