STAFF REPORTER
Motorists will breathe a sigh of relief as Minister of Mineral Resources and Energy, Gwede Mantashe has announced the adjustment of fuel prices with effect from the 5th of July 2023.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs including shipping costs.
The Rand appreciated, on average, against the US Dollar (from 18.99 to 18.64) Rand per USD during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 19.77 c/l, 19.21 c/l and 18.91 c/l respectively.
The stronger Rand affected petrol and Illuminating Paraffin prices positively, resulting in an overall decrease.
Mantashe said based on current local and international factors, the fuel prices for July 2023 will be adjusted as follows:
Petrol (both 93 ULP and LRP): Twenty-four cents per litre (24.00 c/l) decrease,
Petrol (both 95 ULP and LRP): Seventeen cents per litre (17.00 c/l) decrease,
Diesel (0.05% sulphur): Eighteen cents per litre (18.00 c/l) increase,
Diesel (0.005% sulphur): Twelve cents per litre (12.00 c/l) increase,
Illuminating Paraffin (wholesale): Four cents per litre (4.00 c/l) decrease,
SMNRP for IP: Five cents per litre (5.00 c/l) decrease,
The LP Gas Retail Price will decrease by 296c cent per kilogram (296.00 c/kg).
In line with the Working Rules to determine the Basic Fuels Prices (BFP), the 95 octane (unleaded) grade is the price-marker grade and the BFP-differential between 95 and 93 octanes is adjusted on the first Wednesday of each quarter.
The Basic Fuels Prices Octane differential has changed during the previous quarter and therefore the retail prices of 95 and 93 petrol octanes will be different in each fuel-pricing zone with effect from the 5th of July 2023.
The fuel prices schedule for the different zones will be published on Tuesday, 4 July 2023.
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