It’s a sigh of relief for motorists from midnight, as both grades of petrol prices are set to drop by R2,04 cents per litre, while diesel is set to decrease by 46.34 and 56.34 cents.
The department of mineral resources and energy made the announcement for the adjustment of fuel prices based on current local and international factors yesterday, September 5.
It said modifications in the fuel price is justified by a drop in international fuel prices as well as a stronger rand compared to the US dollar between the end of July and the start of September.
“Motorists will pay R2.04 less per litre of both grades (93 and 95 octane) of petrol, while at wholesale level a litre of 0.05% and 0.005% sulphur diesel will be 56 cents and 46 cents cheaper, respectively,” the department said in a statement.
Moreover, the department said a litre of a paraffin will decrease by 82 cents.
This comes after fuel price hikes over past two months, where motorists had to dig in deeper into their pockets for a single litre of fuel.
With the rand losing more ground over the past few days – trading around R17.19 to the US dollar on Monday compared to an average of R16.70 to the greenback between 29 July to 01 September – fuel prices may return to increases next month.
That’s if the rand stays at current levels or weakens further, and if crude oil prices surge again.
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