Following a spate of petrol price increases during the first half of 2024, petrol and diesel prices will decrease again in July, the Department of Mineral Resources and Energy has confirmed.
From Thursday, June 4 (a day later than expected), the price of 93 Unleaded petrol will drop by R1.05 and 95 Unleaded by 99 cents per litre, while diesel will come down by between 30 cents (500ppm) and 24 cents (50ppm). Illuminating paraffin comes down by 18 cents.
Consumers will now pay R22.47 for a litre of 95 Unleaded petrol at the coast and R23.26 in the inland regions, while 93 Unleaded petrol will retail for R22.86.
The wholesale price of 50ppm diesel will fall to R20.15 at the coast and R20.91 inland, keeping in mind that the unregulated retail prices will be more than R2 higher than that at the fuel stations.
July’s fuel price relief comes largely as a result of lower international oil prices during June, although a stronger rand in the latter parts of the month helped to balance the scales as oil prices rose to around the $85 (R1,530) per barrel mark. The Slate Levy contributed four cents to the price cuts.
July’s petrol price decrease follow’s June’s significant price cut of R1.24, bringing prices closer to where they were at the beginning of the year. Petrol costs rose by almost R3 between January and May. The price of diesel, on the other hand, increased by just 33 cents during the first half of the year, which is good news for general inflation trends.
Following President Cyril Ramaphosa’s first cabinet reshuffle under the new government of national unity, all eyes will be on the more narrowly focussed Department of Mineral and Petroleum Resources, with the Automobile Association calling for a comprehensive review of the current fuel price calculation.
Gwede Mantashe remains as Minister, while the general energy portfolio has been moved to a new department where it sits alongside the electricity portfolio.
* This story has been updated to reflect that the price adjustments take place from July 4.
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