Embattled consumers will get some relief at the pumps come 3 August 2022.
The price of petrol (93 & 95 ULP and LRP) will drop by R1.32 per litre, 0.05% sulphur diesel by R0.88/l and 0.005% sulphur diesel by R0.91/l.
Illuminating paraffin (wholesale) will decrease by R1.44/l and SMNRP for IP by R1.92. However, the maximum LPGas retail price will increase by R0.57.
Minister of Mineral Resources and Energy Gwede Mantashe said the main reasons for the fuel price adjustments are due to the average Brent Crude oil price decreasing from US$115.77 per barrel to $105 during the period under review, lower crude oil demand due to recession concerns and Covid-19 resurging in China and OPEC and Non-OPEC members deciding to increase oil production.
Further, the average international product prices of petrol, diesel, illuminating paraffin and LPG have decreased, while LPG prices rose due a higher freight rate.
The minister reminded consumers that the temporary reduction (R0.75) in the general fuel levy comes to an end on 2 August 2022. A R1.50 reduction in the fuel levy was implemented in April and May, then trimmed to 75 cents from July 6.
As a result, the fuel levy will amount to R3.94/l for petrol and R3.80/l for diesel.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
