The Department of Mineral Resources and Energy announces the adjustment of fuel prices based on current local and international factors with effect from the 7th of August 2024.

South Africa’s fuel prices are adjusted monthly, informed by international and local factors. 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, e.g., shipping costs.

The main reasons for the fuel price adjustments are due to:

1.    Crude oil prices

The average Brent Crude oil price increased from 82.24 US Dollars (USD) to 83.55 USD per barrel, during the period under review. The main contributing factors are the decline in US inventories, reduced production from Canada due to the wildfires, tensions in the Middle East as well as continued production cuts by OPEC.

2.    International petroleum product prices

The average international product prices for petrol increased slightly on average as the summer seasonal demand in the Northern Hemisphere improved, while diesel and illuminating paraffin prices decreased on average during the period under review.

3.    Rand/US Dollar exchange rate

The Rand appreciated on average, against the US Dollar (from 18.44 to 18.23 Rand per USD) during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of all products by about 14.00 per litre.

4.    Implementation of the Slate Levy

The cumulative slate amounted to a positive balance of R1.8 billion for petrol and diesel of at the end of June 2024. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remain in the price structures of petrol and diesel with effect from the 7th of August 2024.

Based on current local and international factors, the fuel prices for August 2024 will be adjusted as follows:

• Petrol 93 (ULP & LRP): Fifteen cents per litre (15.00 c/l) decrease.
• Petrol 95 (ULP & LRP): Fifteen cents per litre (15.00 c/l) decrease.
• Diesel (0.05% sulphur): Twenty eight cents per litre (28.00 c/l) decrease.
• Diesel (0.005% sulphur): Seventeen cents per litre (17.00 c/l) decrease.
• Illuminating Paraffin (wholesale): Twenty-two cents per litre (22.00 c/l) decrease.
• SMNRP for IP: Twenty-nine cents per litre (29.00 c/l) decrease.
• Maximum LPGas Retail Price: Fourteen cents per kilogram (14.00 c/kg) decrease.

The fuel prices schedule for the different zones will be published on Wednesday, the 7th of August 2024.

Enquiries: 
mediadesk@dmre.gov.za
Mr Johannes Mokobane - johannes.mokobane@dmre.gov.za 
Cell: 082 766 3674