Petrol price to reduce somewhat in August

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Embattled consumers will get some relief at the pumps come 3 August 2022.

The price of petrol (93 & 95 ULP and LRP) will drop by R1.32 per litre, 0.05% sulphur diesel by R0.88/l  and 0.005% sulphur diesel by R0.91/l.

Illuminating paraffin (wholesale) will decrease by R1.44/l and SMNRP for IP by R1.92. However, the maximum LPGas retail price will increase by R0.57.

Minister of Mineral Resources and Energy Gwede Mantashe said the main reasons for the fuel price adjustments are due to the average Brent Crude oil price decreasing from US$115.77 per barrel to $105 during the period under review, lower crude oil demand due to recession concerns and Covid-19 resurging in China and OPEC and Non-OPEC members deciding to increase oil production.

Further, the average international product prices of petrol, diesel, illuminating paraffin and LPG have decreased, while LPG prices rose due a higher freight rate.

The minister reminded consumers that the temporary reduction (R0.75) in the general fuel levy comes to an end on 2 August 2022. A R1.50 reduction in the fuel levy was implemented in April and May, then trimmed to 75 cents from July 6.

As a result, the fuel levy will amount to R3.94/l for petrol and R3.80/l for diesel.

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