Newcastillians, prepare for a welcome decrease in fuel prices starting Wednesday, 7 August 2024. This follows the Department of Minerals and Petroleum Resources announcing reductions across all fuel grades for August.
The price decreases expected to kick in on Wednesday are as follows:
- Petrol 93 (ULP and LRP): 15 cents decrease.
- Petrol 95 (ULP and LRP): 15 cents decrease.
- Diesel (0.05% sulphur): 28 cents decrease.
- Diesel (0.005% sulphur): 17 cents decrease.
- Illuminating Paraffin (wholesale): 22 cents decrease
- Single Maximum National Retail Price for illuminating paraffin: 29 cents decrease.
- Maximum LP Gas Retail Price: 14 cents per kg decrease
In a statement on Monday, 5 August 2024, the department detailed the international and local factors contributing to this month’s price adjustments.
“The average Brent Crude oil price increased from 82.24 US Dollars (USD) to 83.55 USD per barrel during the period under review. The main contributing factors are the decline in US inventories, reduced production from Canada due to the wildfires, tensions in the Middle East, as well as continued production cuts by OPEC (Organization of the Petroleum Exporting Countries),” The Department explained.
Additionally, the Department noted that the average international product prices for petrol increased slightly, driven by the summer seasonal demand in the Northern Hemisphere, while diesel and illuminating paraffin prices decreased on average during the period under review.
“The Rand appreciated on average against the US Dollar (from 18.44 to 18.23 Rand per USD) during the period under review compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 14.00 per litre,” the department said.
With fuel prices set to drop this week, what are your thoughts on the changes? Share your views in the comments section below.
