Petrol and diesel to increase from Wednesday: Here’s how much more you’ll pay

The Department of Mineral Resources and Energy (DMRE) has announced the price of both 93 and 95 octane petrol will increase from Wednesday, 2 August 2023.

93 and 95 octane petrol will increase by 37 cents per litre.

The price of diesel (0.05% sulphur) increases by 72c per litre, while diesel with 0.005% sulphur increases by 71 cents per litre.

Meanwhile, illuminating paraffin will cost 71 cents per litre more, while the price of LP gas decreases by R1.61 per kilogramme.

Reason for petrol decrease

DMRE spokesperson Robert Maake said there were several international and local factors that contributed to the increases in petrol and diesel prices.

Brent Crude price

Maake said the main reasons for the fuel price adjustments was average Brent Crude oil price increased from 75.10 US Dollars (USD) to 79.75 USD during the period under review.

“The increasing demand for crude oil from China and India, and tightening supply due to continued production cuts by Saudi Arabia. Most analysts expect the supply constraints to push the price higher in the next few weeks.”

International petroleum prices

The department said the average international product prices of petrol, diesel and Illuminating paraffin followed the increasing trend of crude oil prices during the period under review.

“These led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 63.59 c/l, 99.09. c/l and 98.71c/l, respectively. However, LPGas decreased due to lower prices of Propane and Butane.”

Rand/dollar exchange rate

It said the Rand appreciated on average, against the US Dollar (from 18.68 to 18.26 Rand per USD) during the review period.

“This led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 27.64 c/l, 27.36 c/l and 27.10 c/l, respectively.”

Slate levy

“The cumulative slate balance on petrol and diesel as at the end of June 2023 had a positive balance of is R2,69 million. Therefore, there is no slate levy applicable in the petrol and diesel price structure for August 2023,” the department said.

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