South African motorists can look forward to a decrease in fuel prices from Wednesday, October 7. The Department of Energy announced the following price changes, in a statement on Sunday:

– 95 octane petrol (both grades – ULP & LRP) will decrease by 32 cents per litre
– 93 octane petrol (both grades) will decrease by 23 cents per litre
– Diesel 0.05% will decrease by 90 cents per litre
– Diesel 0.005% will decrease by 93 cents per litre
– Illuminating paraffin will decrease by 101 cents per litre.

The Energy Department also announced that the maximum retail price for LPGAS will decrease by 20 cents per kilogram.

The drop in prices was attributed to a decrease in the average price of petrol, diesel and illuminating paraffin globally, between August 28 and October 1, 2020.

Another economic factor that contributed was the performance of the Rand against the US Dollar:

“The Rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 28 August 2020 to 01 October 2020 was 16.7204 compared to 17.2814 during the previous period,” said the Department of Energy.

The average price of petrol in coastal areas was R14.88 per litre in September. While the average price was R16.49 in October 2019.

Picture: Unsplash

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