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