Petrol price cuts announced for April 

The Department of Petroleum and Mineral Resources has announced the official changes to the price of fuel in South Africa effective from 2 April, with petrol and diesel prices set to come down significantly. 

South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including shipping costs. 

A declining price of oil and a stronger rand throughout March were the main drivers behind the decrease announced by the department. 

These changes are outlined below –

• Petrol 93 – decrease of 58 cents per litre
• Petrol 95 – decrease of 72 cents per litre
• Diesel 0.05% – decrease of 84 cents per litre
• Diesel 0.005% – decrease of 84 cents per litre

These price cuts are less than what was initially expected during March, as the international oil price has risen in recent weeks amid heightened geopolitical tensions and looming trade tariffs. 

However, over the past month, the average Brent Crude oil price decreased from $74.89 to $71.04. 

The main contributing factors are the continued supply from non-OPEC countries as well as the anticipated increase in supply, though moderate, from OPEC + producers in April 2025.

The average international petroleum product prices followed the decreasing trend of crude oil prices, the department said. 

This led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 66.36 cents per litre (c/l), 80.10 c/l and 72.07 c/l, respectively.

A lower oil price was coupled with a stronger rand, making it relatively cheaper to import oil and finished petroleum products into South Africa. 

The Rand appreciated on average, against the US Dollar (USD), from 18.50 to 18.30 Rand per USD during the period under review when compared to the previous month. 

This led to lower contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 11.72 c/l, 12.42 c/l and 12.24 c/l respectively.

Crucially, the downward pressure on oil prices is broadly set to continue as tariffs from the United States hobble global growth, impacting demand. 

This is compounded by China’s economic slowdown, as the largest importer of crude oil, any demand reduction from the country will significantly impact prices. 

Members of the Organisation for Petroleum Exporting Countries have voted to relax their production cuts to regain market share. 

The organisation’s eight members subject to voluntary extra output cuts will begin increasing production in April and are expected to add 2.2 million barrels a day of supply. 

This relaxation was only anticipated to come into effect in late 2025 and early 2026.