/ 2 September 2024

Petrol price set to drop by 92 cents from Wednesday

The transport strike has left many petrol garages running dry already.

The cost of petrol will go down by 92 cents a litre from Wednesday, according to the latest monthly fuel price adjustment announced by the department of mineral and petroleum resources.

Motorists will also pay less for diesel, which is set to decrease by 79 cents to R1.05 a litre.

The price of illuminating paraffin will also decrease by R1.03 a litre. 

This is the fourth consecutive month of decline in petrol prices from about R25.15 a litre in May, largely on the back of lower Brent crude prices.

South Africa adjusts its fuel prices each month, based on the global oil price and the rand exchange rate.

According to the department, the average Brent crude oil price decreased from $83.55 to $78.54 a barrel, during the period under review. This was a result of increased production from major oil-producing countries. 

The rand also strengthened, from an average of R18.23 to the dollar over the past month to R18.05. 
These adjustments will bring the price of petrol in South Africa’s inland areas down to R21.79 a litre for the 93 octane grade, and R22.19 a litre for 95 octane.