Motorists can expect a little bit of relief at the pumps from Wednesday with price reductions confirmed for both petrol and diesel.
The Department of Mineral Resources and Energy (DMRE) has announced that both grades of petrol will come down by 15 cents per litre, while diesel will drop by between 17 cents (50ppm) and 28 cents (500ppm).
95 Unleaded petrol will cost R22.32 at the coast and R23.11 in Gauteng, where the slightly less expensive 93 Unleaded will now retail for R22.71.
The wholesale price of 500ppm diesel will now be set at R20,38 at the coast and R19.59 inland, keeping in mind that retail margins will add a few rands to that, and will vary between outlets.
Filling your tank won’t be too much cheaper, as refuelling a smaller car with 30 litres will bring a saving of R4.50 while a larger 50 litre refuel in a medium sized vehicle will save you R7.50. However those filling up a larger diesel-powered bakkie or SUV with 75 litres could save up to R21.
According to the DMRE, the average international prices for petrol and diesel decreased slightly during the preceding month, while the rand appreciated to an average of R18.23 to the US Dollar, from R18.44 the previous month.
With the price of Brent Crude Oil nearing eight-month lows after hitting $76 per barrel (R1,409) this week, further fuel price reductions for September are certainly possible should the downward trend continue.
2024 has seen some drastic petrol price adjustments, rising by almost R3 between January and May, while June and July brought significant decreases.