The Department of Mineral Resources and Energy (DMRE) has announced the official fuel price cuts taking effect in South Africa in October.
Following sustained strength in the rand/US dollar exchange rate coupled with a drop in international oil costs, fuel prices are falling by a minimum of R1.06 per litre across the board this Wednesday, 2 October 2024.
Fuel on a winning streak
For the period 30 August to 26 September 2024, the average rand/US dollar exchange rate fell to R17.6723/dollar, compared to R18.0578/dollar the month before.
This led to a lower contribution to the basic fuel prices (BFP) of petrol and diesel by 21.91c/litre and 22.33c/litre, respectively.
Meanwhile, Brent Crude oil prices dropped from $78.80/barrel on 30 August to $71.60/barrel by 26 September, slashing a further 91.71c/litre from petrol and between 88.72-91.37c/litre from diesel rates.
For October, the Minister of Mineral Resources and Energy approved an interim adjustment of all the affected Magisterial District Zones in Nelson Mandela Bay due to the temporary closure of the Port of Port Elizabeth.
The adjustments to the road transport tariffs applicable in petrol and diesel structures will thus range from a decrease of 0.9c/litre (Zone 9A) to an increase of 10.5c/litre (Zone 8B) in this region.
The BFP differentials between 93 and 95 octane petrol have also changed for the coming quarter in terms of the Working Rules to administer the BFP, resulting in different price adjustments between the two grades.
In line with the provisions of the self-adjusting Slate Levy mechanism, the Slate Levy on petrol and diesel will remain at 0.00c/litre with effect from 02 October 2024.
With these inputs accounted for, the following fuel price changes will take effect in South Africa in October:
- Petrol 93 – Decrease of R1.06 a litre
- Petrol 95 – Decrease of R1.14 a litre
- Diesel 0.05% – Decrease of R1.14 a litre
- Diesel 0.005% – Decrease of R1.12 a litre
The table below indicates how the official fuel price adjustments for October will reflect at the pump:
| Fuel type | Gauteng | Coastal |
|---|---|---|
| Petrol 93 | R20.73 | R19.94 |
| Petrol 95 | R21.05 | R20.26 |
| Diesel 0.05% | R18.45 | R17.66 |
| Diesel 0.005% | R18.57 | R17.81 |
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