By Lebone Rodah Mosima
Minister of Mineral and Petroleum Resources Gwede Mantashe said fuel prices will decrease from July 1, driven by lower international oil prices and a stronger rand, despite the reinstatement of the full fuel levy.
The Department of Mineral and Petroleum Resources said on Tuesday that South Africa adjusts fuel prices monthly based on international and domestic factors, including crude oil prices, international petroleum product prices, the rand/U.S. dollar exchange rate, the slate levy, fuel levy measures, octane differentials and the maximum refinery gate price for liquefied petroleum gas (LPG).
The department said the average Brent crude oil price fell to $86.53 per barrel during the review period from $104.59, citing improved global supply expectations following the signing of a memorandum of understanding between the United States and Iran.
Average international petroleum product prices also declined in line with crude oil prices, reducing the Basic Fuel Price
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