Relief as petrol price drops
JOBURG – At midnight, motorists and consumers can breathe a sigh of relief as the Department of Energy announced that all petroleum products prices will decrease with effect from 2 September.
South Africa’s fuel prices are adjusted on a monthly basis informed by international and local factors. The Minister of Energy, Tina Joematt-Pettersson said the decrease in the price of all petroleum products was due mainly to the continued drop in crude oil prices during the period under review.
The price of Brent Crude dropped on average to about $46.93 (R625.21) per barrel due mainly to global oversupply. Joematt-Pettersson said, “Furthermore, the international prices for all petroleum products decreased on average during the period under review following the drop in crude oil prices. The weakening rand reduced the over-recovery on the basic fuel price by more than 20 cents per litre.”
Fuel prices for the South African market will be adjusted as follows: Petrol, both 93 and 95 will decrease by 69 cents per litre, diesel (0.05 percent sulphur) will decrease by 54 cents per litre, diesel (0.005 percent sulphur) will decrease by 51 cents per litre; illuminating paraffin will decrease by 55 cents per litre; illuminating paraffin (wholesale) will decrease by 74 cents per litre and hand liquefied petroleum gas (LPG) will decrease by R115 cents per kilogram.
Meanwhile, Joematt-Pettersson has approved an increase in the retail margin of petrol of 4.6 cents per litre to cater for the salary increase of nine percent for pump attendants and cashiers in line with the Motor Industry Bargaining Council agreement of 2013.
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