Petrol prices are in for a sizeable drop in South Africa this Wednesday, 1 November.
The Department of Mineral Resources and Energy (DMRE) today published the official fuel price adjustments that will take effect next month, showing that petrol prices will be reduced by R1.78 per litre across the board and diesel prices by a maximum of 85c per litre.
Back below R25 per litre
The welcome changes to November’s fuel prices are a direct result of a drop in international oil prices during October from $91.86/barrel to $88.72/barrel, which was attributed to a rise in global crude oil inventories, the lifting of sanctions on Venezuela by the US, and the low impact of the Israel-Hamas war on the flow of crude oil around the world, said the DMRE.
Consequently, the lower oil costs shaved R2.00 per litre off the price of petrol and between R1.04 and R1.07 per litre off diesel prices.
On the downside, the rand depreciated from an average of R19/dollar to R19.08/dollar during the period under review, leading to higher contributions to the Basic Fuel Prices of petrol and diesel by 6.34c/l and 7.57c/l, respectively.
The combined cumulative petrol and diesel Slate balances at the end of September 2023 also amounted to a negative balance of R6.267 billion, leading to a Slate Levy increase of 21.92c/l to 52.62c/l, which will be implemented into the price structures of petrol and diesel with effect from 01 November 2023.
With these inputs accounted for, fuel prices in South Africa this Wednesday will be adjusted as follows, according to the DMRE:
- Petrol 93 – Decrease of R1.78 a litre
- Petrol 95 – Decrease of R1.78 a litre
- Diesel 0.05% – Decrease of 85c a litre
- Diesel 0.005% – Decrease of 82c a litre
Following the implementation of these adjustments, fuel prices will once again sit below the R25-per-litre threshold they crossed in October following three consecutive months of substantial increases.
The following table shows how October’s fuel price changes will reflect at the pump:
| Fuel type | Inland | Coastal |
|---|---|---|
| Petrol 93 | R23.44 | R22.72 |
| Petrol 95 | R23.90 | R23.18 |
| Diesel 0.05% | R24.17 | R23.44 |
| Diesel 0.005% | R24.40 | R23.71 |
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