What minister Mantashe’s department has been doing to drop the fuel price

Despite the high cost of fuel, Minister of Mineral and Petroleum Resources Gwede Mantashe has explained his department’s efforts in reducing the petrol price for average South Africans.

The current petrol price is made up of not only the cost of fuel but also several levies.

Responding to a recent parliamentary question by uMkhonto weSizwe (MK) party MP Thalente Thuthukani Sakhile Kubheka, Mantashe said his department had provided relief by removing a 15% premium from the freight rate last year.

The freight rate is the cost of shipping fuel to South Africa from international markets.

According to the minister, the mineral and petroleum department also repealed the Demand Side Management Levy of 10 cents per litre imposed on unleaded 95.

“Cabinet has recently announced a Ministerial Task Team to review the fuel pricing formulae holistically following the announcement by the State President during the opening of Parliament,” Mantashe added.

Fuel price drop on Wednesday

Mantashe’s response came as petrol and diesel prices decreased for a fifth month in a row.

As of midnight, motorists will save approximately R50 on a standard tank of petrol.

This reduction is attributed to the consistent over-recoveries in both petrol and diesel throughout September, resulting from feeble global oil prices and a robust rand.

Unleaded 93 sees a decrease of R1.06 per litre, while 95 comes down by R1.14 per litre.

Diesel 0.05% takes a R1.14 per litre tumble, while 0.005% diesel falls by R1.12 per litre.

Great news for South Africa! Fuel prices have dropped for the fifth consecutive month, easing the burden on consumers and businesses alike. Together, we’re driving towards a more sustainable future, #FuelPricesUpdate. pic.twitter.com/l84G0u1p6p

— Department of Mineral Resources and Energy ‏ (@DMRE_ZA) October 1, 2024

ALSO READ: More than R1 drop in petrol and diesel prices in October

October fuel prices: Changes in petrol, diesel and paraffin 

• Petrol 93: Decrease of R1.06 cents per litre.
• Petrol 95: Decrease of R1.14 cents per litre.
• Diesel 0.05% (wholesale): Decrease of R1.14 per litre.
• Diesel 0.005% (wholesale): Decrease of R1.12 per litre.
• Illuminating paraffin: Decrease of R1.11 per litre.

October’s inland prices:

• Petrol 93: R20.73
• Petrol 95: R21.05
• Diesel 0.05%: R18.45
• Diesel 0.005%: R18.57
• Illuminating paraffin: R12.66.

October’s coastal prices:

• Petrol 93: R19.94
• Petrol 95: R20.26
• Diesel 0.05%: R17.66
• Diesel 0.005%: R17.81
• Illuminating paraffin: R11.66.

NOW READ: Can lower fuel price and repo rate help South Africans save?