The Department of Mineral Resources and Energy has released the latest official fuel price adjustments, effective from Wednesday, 3 July 2024.
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Following the trend for much of June, fuel recoveries have favoured motorists, with both petrol and diesel showing over-recoveries for the month.
This has resulted in significant relief at the pumps, with petrol prices decreasing by 99 cents to R1.05 per litre and diesel prices dropping between 24 and 30 cents per litre.
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The average Brent Crude oil price fell from 82.98 USD to 82.24 USD per barrel during the period under review. Increased production by the US and other non-OPEC countries amid slow global economic growth are the main contributing factors.
The table below outlines the changes:
| Fuel | Change |
| Petrol 93 | decrease of 105 cents per litre |
| Petrol 95 | decrease of 99 cents per litre |
| Diesel 0.05% (wholesale) | decrease of 30 cents per litre |
| Diesel 0.005% (wholesale) | decrease of 24 cents per litre |
| Illuminating Paraffin | decrease of 18 cents per litre |
| LPGAS | decrease of 22 cents per kg |
The average international product prices of petrol decreased following the lower Brent crude oil prices during the period under review. The movement in product prices 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 rand appreciated slightly, on average, against the US Dollar (from 18.46 to 18.44 Rand per USD) during the period under review compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 1.50 cents per litre.
The cumulative slate amounted to a negative balance for petrol and diesel of R1.15 billion at the end of May 2024. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre will apply to the price structures of petrol and diesel, which is a decrease of 4.38 cents per litre on the prices of both diesel and petrol.
In line with the Working Rules to determine the Basic Fuels Prices (BFP), the 95 octane (unleaded) grade is the price-marker grade, and the BFP-differential between 95 and 93 octanes is adjusted on the first Wednesday of each quarter.
The BFP Octane differential changed during the previous quarter, and therefore the retail prices of 95 and 93 petrol octanes will differ in each fuel-pricing zone.
This is how the price changes will reflect at the pumps (Diesel prices reflect wholesale, pump prices will differ):
| Inland | June Official | July Official |
| 93 Petrol | R23.91 | R22.86 |
| 95 Petrol | R24.25 | R23.26 |
| Diesel 0.05% (wholesale) | R20.96 | R20.66 |
| Diesel 0.005% (wholesale) | R21.15 | R20.91 |
| Illuminating Paraffin | R15.20 | R15.02 |
| LPGAS (per kg) | R36.31 | R36.09 |
| Coastal | June Official | July Official |
| 93 Petrol | R23.12 | R22.07 |
| 95 Petrol | R23.46 | R22.47 |
| Diesel 0.05% (wholesale) | R20.17 | R19.87 |
| Diesel 0.005% (wholesale) | R20.39 | R20.15 |
| Illuminating Paraffin | R14.20 | R14.02 |
| LPGAS (per kg) | R33.35 | R33.13 |
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