South African motorists who drive petrol-powered vehicles can expect some relief at the pumps from Wednesday, 6 August, as the price of petrol will decrease by 28 cents per litre.
However, this reprieve does not extend to diesel users, who will see a notable increase in fuel costs.
According to a statement issued by the Department of Mineral and Petroleum Resources on Tuesday, the wholesale price of diesel with 0.05% sulphur content will rise by 65 cents per litre, while diesel with 0.005% sulphur will go up 63 cents per litre.
Both 93ULP and 95ULP petrol will see a 28-cent per litre decrease in price.
Illuminating paraffin will increase 32 cents per litre.
The department attributed the decrease in petrol prices to a drop in the average international price, which tracked a slight downward movement in crude oil prices during the review period.
Brent crude declined modestly from $69.36 to $69.06 per barrel.
This dip was influenced by a combination of factors, including the Organisation of the Petroleum Exporting Countries (Opec)’s decision to increase production and growing global economic uncertainty stemming from the threat of new US trade tariffs, which could weigh on international economic growth and dampen oil demand.
On the other hand, diesel and paraffin prices increased due to constrained global supply. The department noted that low stock levels in the United States, and refinery closures across the European Union have created supply constraints, leading to higher fuel prices.
The new price adjustments will take effect at midnight on Tuesday- moneyweb.co.za
