logo
Latest News
Follow
Friday / 14 June 2024
HomeNewsOfficial petrol price decreases for August

Official petrol price decreases for August

Petrol Pump Header

The Department of Mineral Resources and Energy (DMRE) has published the official fuel price decreases for August 2022, reports BusinessTech.

Inland petrol prices are coming down by a maximum of R1.32 per litre, whereas diesel prices are dropping by up to 99 cents per litre.

The decreases come despite the full return of the General Fuel Levy (GFL),which sees 75 cents per litre being tacked back on to all the fuel prices in the country from 2 August.

The official price adjustments for next month, according to the DMRE, are as follows:

  • Petrol 93 – decrease of R1.32 per litre
  • Petrol 95 – decrease of R1.32 per litre
  • Diesel 0.05% – decrease of 88 cents per litre
  • Diesel 0.005% – decrease of 91 cents per litre
  • Illuminating paraffin – decrease of R1.44 per litre

These price drops are coming into effect this week Wednesday, 3 August.

Factors affecting fuel prices

The welcome decrease in domestic fuel prices comes largely off the back of lower average international product prices during the month of August.

Brent Crude oil started the month at highs of over $113 per barrel, but has since come down to around $104 per barrel.

The average rand/US dollar exchange rate, however, played a less positive role during the period under review.

At 1 July the rand was trading at R15.76 per US dollar, but sat at R16.87 per US dollar on the 28th.

This led to a higher contribution to the Basic Fuel Prices of petrol, diesel, and illuminating paraffin by 95.66 c/l, 103.68 c/l and 105.12 c/l respectively.

The full GFL is now also in effect, being responsible for 394.0 c/l and 380.0 c/l in the price structures of petrol and diesel, respectively.

With all these elements accounted for, the prices at the pump in August 2022 will reflect as follows:

Fuel type Inland Coastal
Petrol 93 R24.99 R24.34
Petrol 95 R25.42 R24.77
Diesel 0.05% R24.52 R23.87
Diesel 0.005% R24.62 R23.98
Illuminating Paraffin  R18.42 R17.63

Share

Show comments