South African motorists and truckers, buckle up for some good news! September brings yet another fuel price cut, marking the fourth consecutive month of decreases and pushing petrol and diesel prices down to levels last seen in early 2023.
Starting Wednesday, both unleaded petrol grades, 93 and 95, will see a decrease of 92 cents per litre. Diesel drivers aren’t left out either, with wholesale prices set to drop by R1.05 per litre for 0.005% sulphur content and 79 cents for 0.05% sulphur content. The wholesale price of illuminating paraffin will also be cut by R1.03 per litre.
After these adjustments, petrol 95 will cost R22.19 per litre in Gauteng and R21.40 on the coast, the lowest we’ve seen since February 2023. Diesel prices are also hitting a low, with the Gauteng wholesale price dropping to R19.59 per litre and R18.80 on the coast — the cheapest since June 2023.
The steady decline in fuel prices is primarily due to a combination of falling international oil prices and a slightly stronger rand. Over the past month, the average Brent crude oil price dipped from $83.55 a barrel to $78.54. The Department of Mineral Resources attributes this drop to increased oil production by major producers and expectations of interest rate cuts by the US Federal Reserve.
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Meanwhile, the rand has strengthened a bit, moving from an average of R18.23 to the dollar to R18.05 over the same period. Since fuel prices in South Africa are heavily influenced by global oil prices and the rand-dollar exchange rate, these factors have contributed to the recent decrease in costs at the pump.
With fuel prices adjusted monthly, it’s a waiting game to see if this downward trend continues. But for now, we can all enjoy a bit of relief in our wallets!
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