The Department of Mineral Resources and Energy (DMRE) has announced that the price of petrol and diesel will drop on the first Wednesday of August.
The price of both grades of petrol will decrease by R1,32 while the two grades of diesel will drop between 88c and 91c per litre. These decreases will come as a welcomed relief for many after months of consecutive increases.
In December 2021, the price of petrol per litre broke the R20 barrier for the first time in South Africa. However, geopolitical conflict saw the petrol increase by more than R6 to a record R26,31c per litre in July 2022.
Here’s a full list of price adjustments that will take effect from 3 August 2022
- Petrol (both grades) will decrease by R1,32 per litre.
- 0.05% sulphur diesel will decrease by 88c per litre.
- Diesel (0.005%) sulphur decreases by 91c per litre.
- Illuminating paraffin (wholesale) will decrease by R1,44 per litre.
- Illuminating paraffin (retail) will decrease by R1,92 per litre.
- Maximum retail price for gas will increase by 57c per kilogram.
The DMRE said that the main factor that contributed to the decreasing petrol price was the reduction in the price of Brent crude oil. The contribution to the price of fuel was not helped by the declining Rand to the US dollar exchange rate.
The average Rand/US Dollar exchange rate for the period 01 July to 28 July 2022 was R16,87c compared to R15,76c during the previous period.
Motorists still enjoyed a drop in the price of fuel, despite a crucial reduction enjoyed by consumers for several months coming to an end in August. The temporary reduction in the government's fuel levy will fall away this month which saved consumers 75c per litre in July.
