- The Department of Mineral Resources has updated the new petrol price for South African motorists in October 2024.
- Most grades of fuels will see a decrease of more than R1 while only liquid petroleum gas will see a small price increase.
- For the fifth month in a row, international situations have been working in favour of South Africans, with 95-grade petrol at the coasts nearing less than R20 per litre.
It’s a five-month win streak for South African motorists as the country’s petrol price is set for yet another decrease in October 2024, effective as of Wednesday 2nd October.
“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,” writes the Department of Mineral Resources (DMR).
According to the DMR, the decrease is another major one, with only the price of liquid petroleum gas seeing a marginal increase. Otherwise, all other grades of fuels are seeing price drops of more than R1 per litre.
Changes in the price of petrol and other fuels for October 2024:
- “Petrol 93 to decrease by R1.06 per litre,
- Petrol 95 to decrease by R1.14 per litre,
- Diesel 0.05 percent to decrease by R1.14 per litre,
- Diesel 0.005 percent to decrease by R1.12 per litre,
- Illuminating Paraffin (wholesale) to decrease by R1.11 per litre,
- Liquid petroleum gas to increase by 23 cents per kg.“
In real-world terms, a litre of 95-grade petrol in Gauteng will cost R21.05 on Wednesday 2nd October, from the R22.19 it currently costs. Meanwhile, the price will be even cheaper along the coast with motorists paying R20.26 per litre for 95-grade petrol.
Importantly, the department also indicated that the Port of Port Elizabeth in the Eastern Cape has been closed “temporarily” because of “an incident that occurred at the Port in June 2024.” This necessitated the department to change the way prices are calculated for petrol, diesel and Illuminating Paraffin.
“The adjustment to the road transport tariffs applicable to petrol, diesel and IP price structures will range from a decrease of 0.9 c/l in Zone 9A to an increase of 10.5 c/l in Zone 8B,” it says.
South Africa has been enjoying a spate of good luck with international petrol conditions in the last five months, leading to lower petrol prices for most of the year.
Internationally, once again the average price of Brent Crude oil, from where motor-car fuels are derived, decreased substantially from $78.54 to $72.82.
“The main contributing factor is the increased production from major oil-producing countries, despite lower demand concerns,” the department explained in an announcement. This together with an average decrease of average international petroleum product prices and a strengthening Rand against the UD Dollar have, on average, led to the lower prices at the pumps for October 2024.
[Image – Photo by engin akyurt on Unsplash]
