South African motorists can breathe a sigh of relief as petrol and diesel prices once again drop this coming month.
The price of petrol and diesel will be reduced by more than R1 per litre on Wednesday, bringing fuel prices back to levels last seen before Russia invaded Ukraine in February 2022.
The cost of 95 unleaded petrol will be decreased by R1.14 per litre, while 93 petrol will be R1.06 cheaper. The wholesale price of diesel will drop by between R1.12 and R1.14, said the Department of Mineral and Petroleum Resources.
Starting from Wednesday, 2 October, the department announced that the prices of all grades of petrol and diesel are set to decrease significantly. Illuminating paraffin prices are also expected to decrease, with the only price increase being in the cost of LP Gas.
A litre of 95 petrol, which currently costs R22.19 in Gauteng, will now cost R21.05 a litre as of Wednesday.
Similarly, on the coast, a litre of 95 petrol, which costs R21.40 in September, will now cost R20.26 a litre in October.
With the price of petrol and diesel dropping once again, South Africans can finally save up a few rands with Festive season looming. The department explained the international and local factors leading to the price adjustments for October.
“The average Brent Crude oil price decreased from 78.54 US Dollars (USD) to 72.82 USD per barrel, during the period under review. The main contributing factor is the increased production from major oil-producing countries, despite lower demand concerns.
Petrol and diesel prices drop, relief for motorists
“The average international petroleum product prices decreased on average, in line with the lower oil prices, during the period under review. This led to lower contributions to the Basic Fuel Prices of petrol by 91.74 c/l and 85.04 c/l, diesel by 91.37 c/l and 88.72 c/l and illuminating paraffin by 87.64 c/l, respectively.
“The Rand appreciated on average, against the US Dollar (from 18.05 to 17.68 Rand per USD) during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by over 21.00 cents per litre,” the department said.
Does the petrol price decrease make a difference?
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