Petrol price drops from Wednesday, but diesel costs keep climbing
However, it's not good news for everyone. Diesel users face yet another sharp increase, with wholesale diesel prices rising by between 63c and 65c per litre, depending on sulphur content. This follows an 82c hike in July, placing further pressure on transport and logistics sectors.
Read more: Slight increase in fuel price a possibility
Households relying on paraffin will also be affected, as the wholesale price of illuminating paraffin goes up by 32c per litre.
The department attributes the diesel and paraffin increases to low fuel stock levels in the US, unplanned refinery shutdowns, and EU refinery closures, all of which have contributed to tight global supply.
Fuel prices in South Africa are determined by international oil prices and the rand-dollar exchange rate, with oil priced in US dollars. The average Brent crude oil price dipped slightly this past month from $69,36 to $69,06 a barrel, while the rand strengthened modestly from R17,84/$ to R17,76/$.
According to the department, the drop in petrol prices is partly due to OPEC's decision to increase production, along with uncertainty caused by looming US trade tariffs, which could potentially weaken global oil demand.
The changes come into effect at midnight on Wednesday.
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