Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
South African petrol and diesel prices will decline again this month, giving motorists a much-needed relief at the start of 2024, the Mineral Resources & Energy Department said Tuesday.
From Wednesday, petrol prices will fall by between 62 rand cents and 76 cents at the pump, while the decrease in diesel prices will range from R 1.18 to R 1.26.
In December, petrol reduced by 65 cents at the pump, while diesel decelerated by between R 2.35 and R 2.41.
The government department calculates and adjusts fuel prices on the first Wednesday of every month based on international and local factors, including the rand and crude oil prices. It only indicates by how much prices increase or decrease. It does not show prices themselves, because petrol stations offer different prices within regulatory confines.
The average Brent Crude oil price slumped to $77.35 per barrel from $82.62, mainly due to increased production by the US, Venezuela, Guyana, and other non-Opec countries despite the extension of production cuts by the Opec+ cartel.
Lower fuel prices came despite a weaker rand. The dollar rose to R 18.66 on average against the local unit from R 18.57.
Copyright 2024 Alliance News Ltd. All Rights Reserved.