The price of both 93 and 95 unleaded petrol will be lowered by R2.04 a litre on Wednesday, the Department of Mineral Resources and Energy announced on Monday. | Fin24
The price of both 93 and 95 unleaded petrol will be lowered by R2.04 a litre on Wednesday, the Department of Mineral Resources and Energy announced on Monday.
This will lower the price of 95 petrol in Gauteng to R23.38 a litre, from a record high of R26.74 in July. That said, petrol cost only R19.61 at the start of the year.The department says the decrease in diesel is less than that of petrol because"the middle distillate market is still tight and there is a looming fuel switch from gas to oil for heating purposes as winter season approaches in the Northern Hemisphere. This has increased demand for middle distillates".
It expects that the demand will tighten even more which could lead to possible diesel price increases in future.The fuel prices are determined by the price of oil and the rand-dollar exchange rate. The average Brent oil price fell from $105 a barrel in July to $94 in August. The department says this was mostly due to a global economic slowdown, and the pandemic lockdowns in China.
Meanwhile, the rand, which started August at around R16.60/$, has since crashed through R17.30 on Friday amid expectations that the US will keep interest rates higher for longer. The rand was trading at R17.24/$ on Monday.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
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