The Department of Mineral Resources and Energy has published the official fuel adjustments for August 2022, with motorists finally getting some relief from hikes.
Following months of massive fuel price hikes, both petrol and diesel drivers will see a sizeable cut to prices.
The price cuts come despite 75 cents per litre being added back to the general fuel levy, as the government’s previous fuel price interventions are fully withdrawn.
Prices will be adjusted as follows:
|Petrol 95||Decrease of 132 cents per litre|
|Petrol 93||Decrease of 132 cents per litre|
|Diesel 0.05%||Decrease of 88 cents per litre|
|Diesel 0.005%||Decrease of 91 cents per litre|
|Illuminating Paraffin (wholesale)||Decrease of 144 cents per litre|
The changes will be implemented on Wednesday, 3 August.
The reprieve comes as the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review, and the rand depreciated against the US dollar during the period under review, on average, when compared to the previous period.
The average rand/US dollar exchange rate for the period 1 July to 28 July 2022 was 16.8719 compared to 15.7624 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 95.66 c/l, 103.68 c/l and 105.12 c/l respectively.
“The Minister of Finance and Minister of Mineral Resource and Energy jointly announced on 31 May 2022 that an extension of the temporary reduction in the general fuel levy by 150.0 c/l on both petrol and diesel until 5 July 2022 and thereafter adjusting the relief to 75.0 c/l from 6 July 2022 until 2 August 2022,” the department said.
“The temporary relief will be withdrawn from 3 August 2022. With effect from 3 August 2022, the Fuel Levy in the price structure of petrol and diesel will therefore amount to 394.0 c/l and 380.0 c/l respectively in the price structure of both petrol and diesel.”
There was no change to the slate levy for the month.
This is how the price changes will reflect at the pumps:
|Inland||July official||August Official|
|0.05% diesel (wholesale)||R25.40||R24.52|
|0.005% diesel (wholesale)||R25.53||R24.62|
|Coastal||July official||August Official|
|0.05% diesel (wholesale)||R24.75||R23.87|
|0.005% diesel (wholesale)||R24.89||R23.98|