(Alliance News) - 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 ZAR1.18 to ZAR1.26.
In December, petrol reduced by 65 cents at the pump, while diesel decelerated by between ZAR2.35 and ZAR2.41.
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 USD77.35 per barrel from USD82.62, 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 ZAR18.66 on average against the local unit from ZAR18.57.
By Artwell Dlamini, Alliance News reporter
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