This will be a relief for motorists after the R1 petrol price increase last month pushed the price of petrol over or close to R17 a litre – the highest recorded price of all time.
The department said that the current fuel price adjustments were due mainly to international factors, including the stronger rand and higher crude oil prices.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, such as shipping costs.
The rand appreciated, on average, against the US dollar, from $1/R14,49 to $/R14,79, during the period under review when compared to the previous one. This led to a lower contribution to the basic fuel prices of petrol, diesel and illuminating paraffin by 16,94 cents per litre, 18,73 cents per litre, and 18,66 cents per litre, respectively
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“Geopolitical tensions are having a very negative impact on crude oil prices and consequently refined product prices globally,” the department said.
The fuel prices schedule for the different zones will be published on Tuesday.
– African News Agency