MZANSI motorists will be seeing some positive outcomes at the petrol stations from Wednesday, 5 October.
On the day, the price of 95 unleaded petrol will be reduced by R1,02 per litre, while 93 petrol will go down by 89c, the Department of Mineral Resources and Energy reports.
The price of 95 petrol in Gauteng will fall to R23,36/L, down from a record high of R26,74/L in July. And at the beginning of the year, petrol was only R19,61/L.
However, diesel prices will be hiked by between 10c/L and 15c/L. Additionally, the price of illuminating paraffin will fall by 61c/L.
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The price of fuel is determined by the price of crude oil and the rand-dollar exchange rate. The rand took a significant hit in the past month, falling from R17,17/$ at the beginning of last month to above R18 amid global market turmoil and record load shedding in Mzansi.
Luckily for drivers, the oil price has dropped to its lowest level since January amid concerns about energy demand as steep interest rate increases weigh on global economic growth.
The average Brent crude oil price decreased from $94 (about R1 600) per barrel in August, to $89,79 (R1 500) last month.
