South Africa’s petrol and diesel prices are set to decrease once again, starting on Wednesday, 4 September. This will be the fifth fuel price drop in 2024.
The update follows predictions by the Central Energy Fund (CEF) that indicated relief for petrol and diesel drivers, as well as for those using illuminating paraffin. These predictions have proven accurate, with the Department of Mineral Resources and Energy confirming even greater reductions than expected.
Diesel drivers will benefit from a price cut of up to R1 per litre, while petrol drivers will see a decrease of over 90 cents per litre. However, motorists will need to wait until the morning of 4 September to benefit from these lower prices.
The Department of Mineral Resources and Energy calculates fuel prices based on various economic factors, including global refined oil prices and the average Rand/US Dollar exchange rate for the month. Due to a strengthening Rand and stable international Brent Crude Oil prices throughout August, the Department has decided to implement this price drop.
The CEF monitors these economic factors and informs the Department’s decisions. However, it cannot predict changes in the Self-Adjusting Slate Levy Mechanism, which will remain unchanged at 0.00 cents per litre from 4 September.
Starting from 00:01 on 4 September, the price adjustments for petroleum-based fuels will be as follows:
Petrol 93: Decrease of 92 cents per litre
Petrol 95: Decrease of 92 cents per litre
Diesel 0.05%: Decrease of 79 cents per litre
Diesel 0.005%: Decrease of R1.05 per litre
Illuminating Paraffin: Decrease of R1.03 per litre
LPGAS: Decrease of 10 cents per kilogram