Mineral Resources and Energy Minister Gwede Mantashe has announced the adjustment of fuel prices based on current local and international factors, with effect from April 5.
Petrol (93 ULP & LRP) will decrease by 1c/ℓ, but petrol (95 ULP & LRP) will increase by 2c/ℓ, while diesel (0.05% sulphur) will decrease by 73.58c/ℓ and diesel (0.005% sulphur) by 74.58c/ℓ.
Further, illuminating paraffin (IP) (wholesale) will decrease by 124.90c/ℓ and the single maximum national price for IP by 201c/ℓ.
The maximum liquefied petroleum gas retail price will decrease by 92c/kg.
Mantashe says the main reasons for the fuel price adjustments are owing to the average brent crude oil price having decreased from $82.14 to $79.24 during the period under review. There was a lot of volatility in the market this period, he adds.
Also, the average international product prices of petrol decreased following the lower brent crude oil prices during the period under review.
Moreover, the rand depreciated, on average, against the dollar during the period under review when compared to the previous one. This led to higher contributions to the basic fuel prices of petrol, diesel and IP.
Finance Minister Enoch Godongwana, in his Budget Speech in February, announced that the Fuel Levy and Road Accident Fund (RAF) Levy on both petrol and diesel would remain the same at 394c/ℓ and 218c/ℓ, respectively.
This is for the second year in a row, to cushion motorist from high fuel prices, Mantashe says.
Moreover, there were also octane differentials between 95 and 93 petrol grades; adjustment to revised road and pipeline transport tariffs; and an implementation of the slate levy.