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Tuesday, July 23, 2024

Big drop in diesel, petrol prices announced

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Diesel price will be cut by at least R2.69 while petrol price (both 93 and 95 unleaded) will be lowered by R2.06 on Wednesday 4 January 2023.

A litre of 95 petrol will cost R21.40 in Gauteng and R20.75 on the coast.

Petrol is now the cheapest, it’s been since February 2022, when Russia’s invasion of Ukraine triggered a spike in oil prices.

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Diesel prices remain more elevated than petrol and are still above levels last seen in April.

Diesel will cost R21.23 a litre in Gauteng and R20.58 on the coast.

Diesel 0.05%: decrease of R2.69 per litre
Diesel 0.005%: decrease of R2.81 per litre
Petrol 93/95: decrease of R2.06 per litre
Illuminating paraffin: decrease of R1.93 per litre

Read also: Expect the unexpected as traffic volumes remain high on the N3 says N3TC

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According to the department of mineral resources and energy, the decreases were necessitated by the average Brent oil price falling from $88.77 a barrel to $85.08 over the past month.

“The oil prices continued to drop due to fears of economic recession globally,” the department said.

Local fuel prices are determined by international oil prices, as well as the dollar-rand value, as South Africa buys oil in dollars.

The price of illuminating paraffin will drop by R1.93 a litre.

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