Motorists will get further relief at the pumps next week, the Department of Energy said on Saturday.
The retail price of 93 octane unleaded petrol (ULP) and and lead replacement petrol (LRP) will drop by 69 cents per litre on on Wednesday, 5 July, the department said, while the price of 95 octane ULP and LRP will drop by 68 cents per litre.
The wholesale price of both grades of diesel – 0.05 percent sulphur and 0.005 percent sulphur – will decrease by 60 cents per litre, with illuminating paraffin set to drop by 57 cents.
International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including shipping costs.
The department noted that the rand strengthened against the US dollar during the period under review, while prices of petroleum products decreased, on average, in the international markets in line with the lower crude oil prices.
“Oil prices have reached their lowest point for the year as light sweet crude supplies particularly from the US as well as Libya and Nigeria – unbound by the Organisation of Petroleum Exporting Countries (OPEC) cut agreement – continue to rise.
“Brent crude oil prices declined to a seven-month low and the US crude settled at its cheapest level since September 2016, after increased supply from several key producers overshadowed compliance by OPEC and non-OPEC oil producers with a deal to cut global output,” the department said.
Here’s what you can expect to pay in July:
|Fuel||June official||July official|
|0.05% Diesel (wholesale)||R11.58||R10.98|