MyZA

News, Directory, Events and Other Stuff

You are here: Home / News / Fuel prices expected to decrease

Fuel prices expected to decrease

Cash strapped consumers will experience some relief at the pumps this week when the price of all grades of petrol and diesel decreases.

Cash strapped consumers will experience some relief at the pumps this week when the price of all grades of petrol and diesel decreases.

The price of paraffin will also decrease, with an increase in the price of gas.

Fuel price adjustments as announced by the Department of Mineral Resources and Energy (DMRE) are as follows:

  • Both grades of petrol will decrease by 71c.
  • Diesel 0.05% sulphur will decrease by 84c.
  • Diesel 0.05% sulphur will disappear down by 80c.
  • Wholesale illuminating paraffin will cost 43c less.
  • The Single Maximum National Retail price for illuminating paraffin will decrease by 58c.
  • The Maximum LP Gas Retail Price will increase by 75c.

“The average international product prices of petrol, diesel and illuminating paraffin followed the decreasing trend of crude oil prices during the period under review, while the price of LPG increased.

“Petrol and diesel prices decreased, even though there is increased demand ahead of the driving season in the Northern Hemisphere. LPG prices increased due to the increase in the prices of Butane.

“These factors led to lower contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 125.11 c/l, 133.83 c/l and 94.95 c/l, respectively,” the department said.

The DMRE added that the decrease in the cost of Brent Crude Oil also contributed to the lowered fuel prices.

According to the department, the factors leading to this include:

  • The release of the Chinese Purchasing Managers Index (PMI) data, which has decreased, indicating lower economic growth. On the other hand, demand for crude oil imports to China is increasing, although at a slower pace compared to April 2023.
  • The collapse of a third bank in the US (First Republic Bank), which created uncertainty and fears of another financial crisis.
  • The passing of the US debt ceiling bill, which indicates the ability of the US government to meet financial obligations. The conclusion cushioned crude oil prices from decreasing further.
  • The unexpected inventory builds despite OPEC+ production cuts announced in April 2023. The market is uncertain if further cuts will be discussed at the upcoming meeting in June 2023.

The price adjustments will be effective from Wednesday. – SAnews.gov.za

Read More at the Source

Category: Tag: , ,

If you feel strongly about this article then feel free to send MyZA a ‘Letter to the Editor’ using the submission form below:

Letter to the Editor

This field is for validation purposes and should be left unchanged.
If this is in response to an article please include that article title here or as the lead in for the first paragraph of your Letter below.

Separate tags with commas

Localise your letter by naming the city your words are about. Add relevant words describing your subject. Single comma separated words of no more than 5
Your Name(Required)
Your Name will be linked to the website below.
Your personal, business or social media web site
Choose NO to not set up a user account on MyZA. User Accounts will allow you to submit letters under your own Author Name

3 Latest Letters to the Editor:

  • Thoughts on Lotto Winner News

    Dear Editor This is fantastic news for the community of Gqeberha. It is always heartwarming to hear about such life-changing positive outcomes for everyday people. Congratulations to the lucky winner! Regards Buhle Ngcobo In Response to/From: R8.5 Million Lotto Winner Claims Prize in Gqeberha

  • Inquiry Regarding SASSA Card Replacement

    Dear Editor I am a social grant recipient and need guidance on swapping my SASSA Gold Card for the Postbank Black Card. Please assist. Regards Buhle Ngcobo In Response to/From: Minister Tolashe assures smooth transition to Postbank Black Cards for grant beneficiaries Swapping your SASSA Gold Card for the new Postbank Black Card is a…

  • Congratulations to the Lotto Winner

    Dear Editor Dear Editor, I was thrilled to hear about the R8.5 million Lotto win for the community of Gqeberha. Such life-changing news brings hope and excitement to everyone in the area. I congratulate the winner and wish them all the best with their prize. May this bring positive change to their life and the…

Reader Interactions

Comments

  1. Gatvol – fed up / had enough [ghut-foll] Meaning ‘filled to the brim’ and is used to describe someone who is very angry or tired of the same thing happening over and over again.Example: “I’m gatvol with that nonsense.” / “I’m gatvol that they keep losing all the time.”

  2. Bliksem – to hit. This is a derogative term meaning to hit or punch someone.Example: “I’ll bliksem you!”