Fuel prices are set for another reduction on Wednesday thanks to a drop in international oil prices, Cape {town} Etc reports.
Also read: Market trends indicate another upcoming fuel price drop in October
In its latest announcement, the Department of Petroleum and Mineral Resources cited various factors for the expected decreases, including a drop in the Brent Crude oil price from $78.54 to $72.82 per barrel due to lower demand.
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The average international petroleum product prices also decreased on average, lowering contributions to the Basic Fuel Prices of:
- Petrol by 91.74 c/l and 85.04 c/l
- Diesel by 91.37 c/l and 88.72 c/l
- Illuminating paraffin by 87.64 c/l
Furthermore, the rand edged stronger to the US Dollar from R18.05 to R17.68, contributing to a -21 cents per litre reduction to the Basic Fuel Prices of all products.
See the Central Energy Fund’s latest report here.
The latest fuel price reductions are also thanks to the temporary closure of the Port of Port Elizabeth. Due to this, Minister of Mineral Resources Gwede Mantashe approved revised transport tariffs of petrol, diesel and illuminating paraffin to account for increased transportation costs due to alternative routing.
These are the fuel prices for October 2024, with effect from 2 October:
- Petrol 93 (ULP & LRP): 106,00 c/l decrease
- Petrol 95 (ULP & LRP): 114.00 c/l decrease
- Diesel (0.05% sulphur): 114.00 c/l decrease
- Diesel (0.005% sulphur): 112.00 c/l decrease
- Illuminating Paraffin (wholesale): 111.00 c/l decrease
- SMNRP for IP: 148.00 c/l decrease
- Maximum LPGas Retail Price: 23.00 c/kg increase
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