Relief for consumers as fuel prices decrease

Petrol and diesel prices will drop between 50c and 65c from this Wednesday, 4 February, the Department of Mineral and Petroleum Resources (DMPR) has announced.

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Paraffin will also decrease, while LP Gas consumers will see increases.

The following price adjustments will apply from Wednesday, 4 February:

Petrol 93 (ULP and LRP): 65c decrease.
Petrol 95 (ULP and LRP): 65c decrease.
Diesel (0.05% sulphur): 50c decrease.
Diesel (0.005% sulphur): 57c decrease.
Illuminating Paraffin (wholesale): 53c decrease.
Single Maximum National Retail Price for Illuminating Paraffin: 70c decrease.
Maximum Retail Price of LP Gas: 31c increase (with a 36c increase in the Western Cape).

“The average international product prices decreased due to the availability of inventories, despite an increase in crude oil prices. These factors led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 36c/l [cents per litre], 24.59 c/l and 21.13 c/l respectively.

“The prices of Propane and Butane increased during the period under review due to the cold weather in the Northern Hemisphere and tighter global supply,” the DMPR said.

The rand also strengthened against the US dollar, gaining ground from R16.85 to R16.31 per USD during the period under review.

“This led to lower contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 28.52 c/l, 31.62 c/l and 31.86 c/l respectively,” the department explained.