Down: Price of petrol and diesel decreased. Picture: Itumeleng English
If you were left as confused as the rest of South Africa as to why July’s much-anticipated fuel price decrease did not take effect at petrol stations on Wednesday, you are not alone.
The Department of Mineral Resources and Energy (DMRE) announced on Tuesday evening that the fuel price adjustments would take effect from Thursday, July 4, and not Wednesday as is the norm.
Fuel price is adjusted on the first Wednesday of each month after being signed off by the minister responsible for that portfolio.
However, following Sunday’s announcement of the Government of National Unity Cabinet, the new ministers had not been sworn-in in time to sign off on the price change.
Gwede Mantashe was appointed as the new Mineral and Petroleum Resources Minister for the 7th administration.
The new ministers were only expected to be sworn-in on Wednesday.
South Africans will nonetheless feel cheated as the higher prices benefit fuel stations and Treasury for an additional day. There is no word on whether compensation will be worked into the price equation further down the line.
The good news is that the price of 93 Unleaded petrol will drop by R1.05 per litre from today, while 95 Unleaded petrol will fall by 99 cents.
Diesel will come down by between 30 cents (500ppm) and 24 cents (50ppm).
This means that a litre of 95 Unleaded petrol at the coast will retail for R22.47.
According to the DOE, international oil prices and the rand remained relatively stable during the preceding month, with Brent Crude oil decreasing slightly from $82.98 (R1,535) per barrel to $82.24, while the rand on average appreciated from 18.46 to the US dollar to 18.44.
jason.woosey@iol.co.za