Fuel prices are set to decrease on October 2, with the 93 octane petrol price to decrease by R1.06/ℓ and 95 octane petrol by R1.14/ℓ. Diesel with a sulphur content of 0.05% will decrease by R1.14/ℓ and 0.005% sulphur diesel will decrease by R1.12/ℓ.

The wholesale price for illuminating paraffin will decrease by R1.11/ℓ and the single maximum national retail price will decrease by R1.48/ℓ.

However, the maximum retail price for liquefied petroleum gas will increase by 23c/kg, as part of the adjustment of fuel prices based on current local and international factors with effect from October 2, 2024, Mineral and Petroleum Resources Minister Gwede Mantashe announced.

South Africa imports crude oil and finished products at a price set at the international level, including importation costs, and its fuel prices are adjusted monthly, informed by international and local factors.

One of the determinants is the average Brent Crude oil price, which decreased from $78.54/bl to $72.82/bl during the period under review. The main contributing factor is the increased production from major oil-producing countries despite lower demand concerns, the Department of Mineral and Petroleum Resources (DMPR) says.

Additionally, 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 91.74c/ℓ and 85.04c/ℓ, diesel by 91.37c/ℓ and 88.72c/ℓ and illuminating paraffin by 87.64c/ℓ.

The rand also appreciated on average against the dollar, from R18.05:$1 to R17.68:$1 during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by over 21c/ℓ.

Further, in line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of 0c/ℓ remains in the price structures of petrol and diesel with effect from October 2, 2024.

The cumulative slate amounted to a positive balance of R3.84-billion for petrol and diesel at the end of August 2024, the DMPR says.

Meanwhile, the decrease in liquid fuel prices is also owing to the temporary closure of the Port of Port Elizabeth owing to an incident in June 2024.

"Mantashe has approved the implementation of the revised transport tariffs into the petrol, diesel and illuminating paraffin price structures as an interim measure until the Port is operational, with effect from October 2.

"The adjustment to the road transport tariffs applicable to petrol, diesel and IP price structures will range from a decrease of 0.9c/l in Zone 9A to an increase of 10.5c/l in Zone 8B," the DMPR notes.

In line with the Working Rules to determine the basic fuels prices, the differential between 95 and 93 octanes changed during the previous quarter and, therefore, the retail prices of 95 and 93 petrol octanes will be different in each fuel-pricing zone with effect from October 2.