Official petrol price increases for December announced

South African motorists should brace for higher prices at the pumps this festive season.

The Department of Petroleum and Mineral Resources (DPMR) has published the official fuel price adjustments taking effect tomorrow, 4 December, showing increases across the board.

Both grades of petrol are going up by 17c per litre, while diesel is rising by a minimum of 55c per litre.

These adjustments are a result of unfavourable macroeconomic conditions coupled with regulatory changes in the domestic market.

Festive season fiasco

Average international petroleum product prices for petrol decreased in November whilst increasing for diesel, leading to an over-recovery of 20c per litre for petrol and an under-recovery of 23-24c per litre for diesel.

Meanwhile, the rand depreciated against the US dollar during the period under review. The average rand/US dollar exchange rate from 1 to 28 November 2024 was R17.9256/dollar, compared to R17.5301/dollar during the previous month.

This led to a higher contribution to the Basic Fuel Prices of petrol and diesel by 22.35c/l and 23.74c/l, respectively.

In line with the application of the Regulatory Accounts System, the Minister of Mineral Resources and Energy has additionally approved a net increase of 15.4c/l in the annual margin adjustments on petrol and a net increase of 8.88c/l on diesel wholesale prices.

In line with the provisions of the self-adjusting Slate Levy mechanism, the Slate Levy on petrol and diesel will remain at 0.00c/l for December.

Accounting for these inputs, the following fuel price adjustments will take effect in South Africa tomorrow, 4 December 2024:

• Petrol 93 – Increase of 17c a litre
• Petrol 95 – Increase of 17c a litre
• Diesel 0.05% – Increase of 55c a litre
• Diesel 0.005% – Increase of 56c a litre

The table below indicates how the official fuel price adjustments for December will reflect at the pump: