/ 30 October 2023

Relief for motorists as fuel prices decrease

New Petrol Price Margins To Favour Retailers
South Africa’s fuel prices are adjusted on a monthly basis, based on international and local factors such as the price of crude oil and the rand exchange rate.

Relief for motorists and households is on the horizon after Mineral Resources and Energy Minister Gwede Mantashe announced on Monday that the prices of petrol, diesel and illuminating paraffin would decrease with effect from Wednesday, 1 November.

South Africa’s fuel prices are adjusted on a monthly basis, based on international and local factors such as the price of crude oil and the rand exchange rate.

A statement by the department said the retail price of both 93-grade and 95-grade petrol would drop by R1.78 a litre. This means the price of 95-grade petrol will be R23.90 a litre, while 93-grade will go down to R23.44. 

The price of diesel will drop by 85 cents a litre.

The department said fuel prices would be lower this month partly because of the decrease in the average price of Brent crude oil from $91.86 to $88.72 during the period under review.

The price of paraffin will drop by 97 cents a litre.

The Automobile Association (AA) predicted the decrease last week, saying in a statement: “These significant decreases will come at a very critical time for South Africans who have had to dig deeper into their pockets to fill up their vehicles and food trolleys with the previous cycles of fuel increases.” 

The AA added that the drop in the price of diesel would be a relief for business owners in sectors such as agriculture, mining, and manufacturing.