Following several petrol price hikes in the first half of 2024, the Department of Mineral Resources and Energy has confirmed a price decrease for petrol and diesel in July.
Starting Wednesday, June 3, the price of 93 Unleaded petrol will drop by R1.05 per litre, and 95 Unleaded will decrease by 99 cents per litre. Diesel prices will also fall by 30 cents (500ppm) and 24 cents (50ppm) per litre. Illuminating paraffin will see a reduction of 18 cents.
Consumers will now pay R22.47 for a litre of 95 Unleaded petrol at the coast and R23.26 in inland regions, while 93 Unleaded petrol will retail for R22.86 per litre.
The wholesale price of 50ppm diesel will decrease to R20.15 at the coast and R20.91 inland, although unregulated retail prices at fuel stations will be more than R2 higher.
This price relief in July is primarily due to lower international oil prices in June, with a stronger rand towards the end of the month helping to offset rising oil prices, which reached around $85 (R1,530) per barrel. The Slate Levy also contributed four cents to the price cuts.
July’s petrol price decrease follows June’s significant reduction of R1.24, bringing prices closer to their levels at the start of the year. Petrol prices had risen by almost R3 between January and May, while diesel prices increased by just 33 cents in the first half of the year, positively influencing general inflation trends.
After President Cyril Ramaphosa’s first cabinet reshuffle under the new Government of National Unity, attention is on the more focused Department of Mineral and Petroleum Resources. The Automobile Association has called for a comprehensive review of the current fuel price calculation.
Gwede Mantashe remains Minister, with the general energy portfolio now moved to a new department that includes the electricity portfolio.
