The Department of Mineral Resources and Energy has announced large petrol and diesel price cuts, which will kick in on Wednesday.
The price of Petrol 93 and Petrol 95 will decrease by R1.78 per litre.
The price of Diesel 0.05% Sulphur will decrease by R0.85 per litre, and the price of Diesel 0.005% Sulphur will decrease by R0.82 per litre.
The maximum national retail price of paraffin will come down by R1.30, but the price of LPGas will increase by R1.49 per kilogram.
The department explained in a statement that the average international prices for petrol and diesel decreased during the period under review.
Global crude oil inventories increased due to higher production from non-OPEC producers and the lifting of US sanctions on Venezuela, which created a positive outlook for supply.
This offset increases from the depreciation of the rand against the US dollar during the period under review, on average, compared to the previous period.
The average rand/US dollar exchange rate for the period 29 September 2023 to 26 October 2023 was R19.08 compared to R18.98 during the previous period.
This led to a higher contribution to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 6.34 c/l, 7.57 c/l and 7.61 c/l, respectively.
The Israel-Hamas conflict has had a low impact on fuel prices so far, “as it has not yet affected the flow of crude oil even though it is happening in the oil-rich region of the Middle East”, the department added.
On Wednesday, Gauteng 95 unleaded petrol will cost R23.90 a litre, the cheapest level since August. At the start of the year, a litre 95 unleaded petrol cost R21.40.
The diesel wholesale price in Gauteng will be R24.17 a litre from Wednesday, compared to R21.22 at the start of the year.