South African motorists can look forward to cheaper fuel from Wednesday, September 4, with significant petrol and diesel price decreases forecast.
Month-end unaudited data from the Central Energy Fund is pointing to petrol price decreases of between 89 cents (93 Unleaded) and 96 cents (95 Unleaded), while diesel is looking set to go down by 78 cents in the case of 500ppm and R1.05 for 50ppm.
These decreases will make petrol and diesel cheaper than they’ve been at any point in 2024, with 95 Unleaded petrol decreasing to around R21.36 at the coast and R22.15 inland, where 93 Unleaded will cost around R21.82.
However, the official fuel price adjustments for September, which are due to be announced by the Department of Mineral Resources and Energy imminently, could differ slightly due to factors such as the Slate Levy.
Stronger oil prices have been the main driver behind the predicted fuel price cuts, accounting for 85 cents of the petrol over-recovery, while a stronger rand has contributed 11 cents to the more positive price equation.
Brent crude oil was trading around the $76 (R1,352) per barrel on Monday, September 02, and if it maintains this level through the month, South Africa’s lower fuel price level should be maintained in October.
2024 has been a tumultuous year for fuel prices, with petrol having risen by nearly R3 between January and May, but the subsequent months brought significant reductions.
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