This month, South African fuel prices dropped by 92 cents per litre for petrol and between 79 and 107 cents per litre for diesel.
The new fuel price adjustments follow strong recoveries in the global oil price and rand-versus-dollar value at the start of August, Cape {town} Etc reports.
Also read: Significant fuel price drops for September come into effect today
Petrol prices have reduced by up to R3.36 per litre since cuts started in May, mainly due to several economic factors.
As per the Central Energy Fund (CEF)’s latest report, the average international product prices for petrol, diesel and illuminating paraffin decreased between 2 August and 29 August.
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In addition, the rand strengthened against the US Dollar to R18.0578 compared to R18.2360 during the previous period. The change led to a lower contribution to the basic fuel prices of petrol, diesel and illuminating paraffin by 10.93c/l, 11.15c/l and 11.12c/l, respectively.
While this means an overall respite (even a little) by the pumps for consumers, the exact amount saved depends on the size of each vehicle’s fuel tank.
To calculate these savings, BusinessTech based the numbers on the average petrol tank seize of the top-selling cars and bakkies in South Africa for 2024.
The sizes range from 37 litres for models including the Suzuki Swift and Toyota Starlet and 80 litres for models such as the Toyota Hilux and Ford Ranger.
The publication noted that the weighted average tank size for these vehicles is approximately 65.8 litres.
According to this average, drivers who choose to fill up with Petrol 95 will save approximately R188 while drivers who fill up with Petrol 93 will save approximately R191 per tank.
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