Good news for motorists as fuel prices drop in June 2024

4 Jun 2024

Consumers are expected to feel some relief this month as the price of all grades of fuel are expected to fall.

This was announced by the Department of Mineral Resources and Energy (DMRE) in a statement on Tuesday, 4 June.

The decreases are as follows:

Petrol 93 and 95 (ULP and LRP): R1,24 decrease.
Diesel (0.05% sulphur): R1,18c decrease.
Diesel (0.005% sulphur): R1,08c decrease.
Illuminating Paraffin (wholesale): 80c decrease.
Single Maximum National Retail Price for illuminating paraffin: R1,07 decrease.
Maximum LP Gas Retail Price: R1,35 decrease.
The department explained the factors influencing the adjustments in prices.

“The average Brent Crude oil price decreased from $88.10 (USD) to $82.98 per barrel, during the period under review.

“The average international product prices decreased following the lower Brent Crude oil prices during the period under review.

Furthermore, petrol prices were also affected by the release of inventories by the US ahead of the Memorial holiday.

The movement in product prices has led to a lower contribution to the Basic Fuel Price (BFP) of petrol by 76.16c/l, diesel by 60 – 71c/l and illuminating paraffin by 50.20c per litre.

“The rand appreciated, on average, against the US dollar (from R18.90 to R18.45 per USD) during the period under review when compared to the previous one.

This led to lower contributions to the Basic Fuel Prices of all products by about 30.00 cents per litre on all products,” the department said.

The price adjustments are expected to take effect on Wednesday, 5 June.

Source: SAnews.gov.za

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