Fill her up: Price of petrol down R1.14/litre. Picture: supplied
Happy days are ahead for motorists as fuel prices are set to go down even more this week.
Fuel prices are being lowered for the fifth month in a row from tomorrow with substantial decreases for both petrol and diesel.
The Department of Mineral Resources and Energy confirmed yesterday that the price of 95 Unleaded petrol will drop by R1.14 per litre, while 93 Unleaded will decrease by R1.06.
Diesel is dropping by between R1.12, in the case of the lower-sulphur 50ppm, and R1.14 for 500ppm.
Diesel prices vary between outlets as it is unregulated, but from October the wholesale price for 50ppm is listed at R17.81 at the coast and R18.57 at the coast.
Petrol and diesel prices will hit their lowest levels since February 2022. Petrol will also be around R1.50 less expensive than it was in January 2024.
Lower international oil prices are the primary driver behind October’s fuel price reductions, contributing around 92 cents to the over-recovery for petrol, while the stronger South African rand has strengthened the equation by 21 cents at present.
The average price of Brent Crude oil decreased from $78.54 per barrel to $72.82 during the period under review, the DMRE said, testing three-year lows in September as oil cartel OPEC revised its world oil demand forecast for the remainder of 2024 and 2025.
However, given the volatile situation in the Middle East, with Israel’s attacks on Lebanon threatening to engulf the region in a bigger war, oil prices could certainly surge at any moment.
jason.woosey@iol.co.za
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