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Relief for consumers as fuel price set to drop

Relief for consumers as fuel price set to drop

The Department of Mineral Resources and Energy has announced the adjustment of fuel prices with effect from 5 March 2025.

Based on current local and international factors, the fuel prices for March 2025 will be adjusted as follows:

  • Petrol 93 (ULP & LRP): 7 cents per litre (7.00 cents per litre (c/l)) decrease.
  • Petrol 95 (ULP &LRP): 7 cents per litre (7.00 c/l) decrease.
  • Diesel (0.05% sulphur): 17.5 cents per litre (17.50 c/l) decrease.
  • Diesel ((0.005% sulphur): 23.5 cents per litre (23.50 c/l) decrease.
  • Illuminating Paraffin (wholesale): 6 cents per litre (6.00 c/l) decrease.
  • SMNRP for IP: 8 cents per litre (8.00 c/l) decrease.
  • Maximum LP Gas Retail Price: 2 cents per kilogram (2.00c/kg) decrease.

“South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g, shipping costs,” the department said in a statement.

One of the main reasons for the fuel price adjustments are due to the average Brent Crude oil price decreased from US$77.41 to US$74.89 during the period under review. The main contributing factors are the continued lower global demand and over supply from non-OPEC countries. 

Furthermore, the Russia/Ukraine ceasefire negotiations which could result in a possible increase in global supply of crude oil, said the department.

The average international petroleum product prices of petrol increased due to refinery shutdowns and maintenance in the US in preparation for the switching to summer fuel grade. 

The prices of diesel followed the decreasing trend of crude oil. 

“These factors led to higher contributions to the Basic Fuel Prices of petrol and illuminating paraffin by 6.92 c/l and 8.09 c/l respectively, and lower contributions to the Basic Fuel Prices of diesel by 7.66 c/l,” it said.

The Rand appreciated on average, against the US Dollar – from 18.73 to 18.50 Rand per US Dollar – during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 13.54 c/l, 14.45 c/l and 14.15 c/l respectively.

The department said the cumulative slate amounted to a positive balance of R2.29 billion for petrol and diesel of at the end of January 2025. 

“In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy remains unchanged at zero cents per litre in the price structures of petrol and diesel with effect from the 5th of March 2025.”

The Minister of Mineral and Petroleum Resources Gwede Mantashe with the concurrence of the Minister of Finance Enoch Godongwana approved an increase from 0.1 c/l to 1.0 c/l in the IP Tracer Dye Levy applicable to Diesel with effect from 06 March 2024 to 05 March 2025. 

The increase was temporary until 05 March 2025 and therefore IP Tracer Dye levy has been decreased to 0.5 c/l with effect from 05 March 2025. – SAnews.gov.za

Edwin
Tue, 03/04/2025 – 13:21
 699 views

The Department of Mineral Resources and Energy has announced the adjustment of fuel prices with effect from 5 March 2025.

Based on current local and international factors, the fuel prices for March 2025 will be adjusted as follows:

  • Petrol 93 (ULP & LRP): 7 cents per litre (7.00 cents per litre (c/l)) decrease.
  • Petrol 95 (ULP &LRP): 7 cents per litre (7.00 c/l) decrease.
  • Diesel (0.05% sulphur): 17.5 cents per litre (17.50 c/l) decrease.
  • Diesel ((0.005% sulphur): 23.5 cents per litre (23.50 c/l) decrease.
  • Illuminating Paraffin (wholesale): 6 cents per litre (6.00 c/l) decrease.
  • SMNRP for IP: 8 cents per litre (8.00 c/l) decrease.
  • Maximum LP Gas Retail Price: 2 cents per kilogram (2.00c/kg) decrease.

“South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g, shipping costs,” the department said in a statement.

One of the main reasons for the fuel price adjustments are due to the average Brent Crude oil price decreased from US$77.41 to US$74.89 during the period under review. The main contributing factors are the continued lower global demand and over supply from non-OPEC countries. 

Furthermore, the Russia/Ukraine ceasefire negotiations which could result in a possible increase in global supply of crude oil, said the department.

The average international petroleum product prices of petrol increased due to refinery shutdowns and maintenance in the US in preparation for the switching to summer fuel grade. 

The prices of diesel followed the decreasing trend of crude oil. 

“These factors led to higher contributions to the Basic Fuel Prices of petrol and illuminating paraffin by 6.92 c/l and 8.09 c/l respectively, and lower contributions to the Basic Fuel Prices of diesel by 7.66 c/l,” it said.

The Rand appreciated on average, against the US Dollar – from 18.73 to 18.50 Rand per US Dollar – during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 13.54 c/l, 14.45 c/l and 14.15 c/l respectively.

The department said the cumulative slate amounted to a positive balance of R2.29 billion for petrol and diesel of at the end of January 2025. 

“In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy remains unchanged at zero cents per litre in the price structures of petrol and diesel with effect from the 5th of March 2025.”

The Minister of Mineral and Petroleum Resources Gwede Mantashe with the concurrence of the Minister of Finance Enoch Godongwana approved an increase from 0.1 c/l to 1.0 c/l in the IP Tracer Dye Levy applicable to Diesel with effect from 06 March 2024 to 05 March 2025. 

The increase was temporary until 05 March 2025 and therefore IP Tracer Dye levy has been decreased to 0.5 c/l with effect from 05 March 2025. – SAnews.gov.za

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