Upcoming Fuel Price Changes in South Africa: What You Need to Know
South African motorists can expect some financial relief as fuel prices are set to decrease from Wednesday, 2 October 2024. This marks the fifth consecutive month of fuel price reductions, primarily driven by a stronger rand and subdued global oil demand.
Key Factors Behind the Price Drop
The Central Energy Fund (CEF) has been monitoring the rand-dollar exchange rate and global oil prices to project fuel price adjustments. Their data indicates substantial reductions in the cost of both petrol and diesel.
- Petrol 93: Down by 105 cents per litre
- Petrol 95: Down by 113 cents per litre
- Diesel 0.05%: Down by 112 cents per litre
- Diesel 0.005%: Down by 110 cents per litre
These cuts are largely attributed to:
- Stronger Rand: The rand has gained strength due to recent US interest rate cuts and economic stimulus in China. This has made importing petroleum products cheaper, which directly impacts the price of fuel in South Africa.
- Stable Oil Prices: Despite ongoing conflict in the Middle East, oil prices have remained relatively stable, dropping by 1.86% in September. Global economic slowdowns and reduced oil demand in developed economies have helped to keep oil prices in check.
Official Fuel Price Adjustments for October
The Department of Petroleum and Mineral Resources has confirmed the fuel price changes that will take effect on 2 October 2024. Here’s how the changes will be reflected at the pump:
| Fuel Type | Price Change |
|---|---|
| Petrol 93 | ↓ 106 cents per litre |
| Petrol 95 | ↓ 114 cents per litre |
| Diesel 0.05% (wholesale) | ↓ 114 cents per litre |
| Diesel 0.005% (wholesale) | ↓ 112 cents per litre |
| Illuminating Paraffin | ↓ 111 cents per litre |
| LPGAS | ↑ 23 cents per kg |
Pump Prices Breakdown:
Inland Region
- 93 Petrol: From R21.79 to R20.73
- 95 Petrol: From R22.19 to R21.05
- Diesel 0.05%: From R19.59 to R18.45
- Diesel 0.005%: From R19.69 to R18.57
Coastal Region
- 93 Petrol: From R21.00 to R19.94
- 95 Petrol: From R21.40 to R20.26
- Diesel 0.05%: From R18.80 to R17.66
- Diesel 0.005%: From R18.93 to R17.81
Why Are These Changes Important?
These reductions offer much-needed financial relief to consumers and businesses alike. The strengthening of the rand, coupled with a stable oil market, is expected to continue driving fuel prices down in the near term, providing a more favorable economic environment for South African motorists.
For now, enjoy the savings at the pump as we move into October with lower fuel prices!
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