FUEL PRICE DROP

FUEL prices are expected to drop and give mense some relief at the petrol pumps this week. 

Minister of Mineral and Petroleum Resources Gwede Mantashe has announced the adjustment of fuel prices coming into effect on Wednesday next week. 

In a statement, Mantashe explains: “International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, like shipping costs.”

Mantashe said the main reasons for the fuel price adjustments were due to crude oil prices, adding that the average Brent Crude oil price decreased from 71.04 US Dollars (USD) to 66.40 USD during the period under review.

The main contributing factors are the tariff and trade war initiated by the US, which has raised global economic recession concerns and a possible lower demand for crude oil.

Both grades of petrol will come down by 22 cents a litre from R21.51 to R21.29

Diesel (0.05% sulphur and 0.005% sulphur) will meanwhile fall by 42 cents and 41 cents per litre. 

Household fuels, like paraffin will cost 33 cents per litre at wholesale, while LP Gas will retail at 46 cents lower than the current price.