THE petrol price will decrease by R1,78 cents, while diesel will go down by 78 and 85 cents per litre.
This is according to Mineral Resources Minister Gwede Mantashe, who announced in a statement on Monday, 30 October.
The adjustment of fuel prices will come into effect from Wednesday, 1 November.
“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 importation costs, e.g., shipping costs,” Mantashe said in a statement.
He said the main reason for the fuel price adjustments is because of crude oil prices decreasing the lifting of sanctions.
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“The lifting of sanctions on Venezuela by the US, creating a positive outlook on supply. The low impact of the Israel-Hamas conflict 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," Mantashe said.
He said the rand remaining slightly firm against the dollar throughout the month also impacted the fuel decrease.
“The rand depreciated slightly on average, against the US Dollar (from 19.00 to 19.08 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel, and illuminating paraffin," the minister said.
This is the first fuel price cut in a few months.
Motorists will pay R23,44 for a litre of 93 Unleaded petrol and R23,90 for 95 Unleaded, while those at the coast will fork out R23.18 for 95 from 1 November.
