Good news for motorists this month, fuel prices are decreasing this Wednesday (3 August). The Department of Energy revealed that one of the reasons for the decrease is the strengthening Rand against the US Dollar “which cushioned the fuel prices by about 25 cents per litre.”
Additional factors contributing to the decrease include “the decrease on average in the prices of petroleum products in the international markets, mainly due to oversupply of refined petroleum products in the global markets,” as well as the average cost decrease in the prices crude oil during the period under review mainly due oversupply in the market.
Petrol and diesel are not the only fuels enjoying a price reduction, paraffin and LPGas are also coming down in price. The fuel prices for August 2016 will be adjusted as follows:
- Petrol (93 ULP and LRP), as well as petrol (95 ULP and LRP) will decrease by 99 cents per litre (c/l).
- Diesel (0.05% Sulphur) will reduce by 74 c/l, while diesel (0.005% Sulphur) will go down by 73 c/l.
- Wholesale price for illuminating paraffin will decrease by 66 c/l.
- SMNRP for illuminating paraffin will reduce by 88 c/l.
- The maximum retail price for LPGas will decrease by 160 c/kg.
The new fuel prices will be as follows:
Handy tip: Don’t just save on petrol – save on car insurance too by getting a new quote.