The international market is favouring motorists at the pumps after oil prices fell significantly last week. Despite this, it has only translated into a small price reduction across all grades of fuel. Here is how much an appointment at the pumps will from the 7th of August.
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Following serial fuel decreases following some record heights, the price per litre in August will continue the trend but only by a small amount. The Department of Mineral Resources and Energy has published the latest numbers with the adjustments set to go into effect from Wednesday, 7 August. Slightly lower oil prices and a strong performing rand against the US dollar (which is what oil is traded in) have aided with a slight reprieve for motorists at the pumps.
Related: Here is how much fuel costs in SA before taxes are added
On the whole, the Department published that petrol will come down by as much as 15 cents while diesel will come down by 17 cents and 28 cents, depending on the grade.
August 2024 Fuel Price
- Inland Petrol Unleaded 93 – R22.71 (down from R22.86)
- Inland Petrol Unleaded 95 – R23.11 (down from R23.26)
- Coastal Petrol Unleaded 93 – R21.92 (down from R22.07)
- Coastal Petrol Unleaded 95 – R22.32 (down from R22.47)
- Inland Diesel 500 ppm – R20.38 (down from R20.66)
- Inland Diesel 50 ppm – R20.74 (down from R20.91)
- Coastal Diesel 500 ppm – R19.59 (down from R19.87)
- Coastal Diesel 50 ppm – R19.98 (down from R20.15)
Related: Fuel Levies Will Stay as is For Now – Finance Minister
In terms of what this translates to in the real world, a petrol-powered vehicle with a 60-litre tank running on Unleaded 95 inland will cost R1 386.60 to brim while a diesel with the same capacity tank will cost R1 244.40 to fill with 50 ppm fuel.
According to the Department, the average Brent oil price increased from $82.24 a barrel to $83.55 over the past month and accredits the contributing factors to the decline in US inventories and reduced production from Canada. Tensions in the Middle East and continued production cuts by the Organisation of the Petroleum Exporting Countries (OPEC) have further aided. If these trends continue, there could also likely be another reprieve in September.
