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
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