Latest news with #DepartmentofPetroleumandMineralResources
The South African
a day ago
- Business
- The South African
REMINDER: Here's how much you'll pay for petrol at the pumps from TODAY
The Department of Petroleum and Mineral Resources has confirmed the official fuel price adjustments for June 2025. May saw volatility in the oil price and the strengthening of the rand against the dollar relative to April. This resulted in a slight over-recovery in fuel prices. However, a hike in the general fuel levy announced at Budget 3.0, undercut this by around 15 cents per litre . The net effect is that this translated to a small reduction in petrol prices in June – and a slightly bigger one for diesel. Petrol will be cut by 5 cents per litre for 93 and 95, and there will be a decrease of 37 cents per litre for diesel from Wednesday, 4 June . FUEL PRICE CHANGE Petrol 93 decrease of 5 cents Petrol 95 decrease of 25 cents Diesel 0.05% decrease of 37 cents Diesel 0.005% decrease of 37 cents Illuminating Paraffin decrease of 56 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $65.75 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.79/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 1 July 2025. Go easy on the accelerator until then, Mzansi. INLAND June Petrol 93 R21.24 Petrol 95 R21.35 Diesel 0.05% R18.53 Diesel 0.005% R18.57 Illuminating Paraffin R12.49 COASTAL June Petrol 93 R20.45 Petrol 95 R20.56 Diesel 0.05% R17.70 Diesel 0.005% R17.81 Illuminating Paraffin R11.47 Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
2 days ago
- Business
- The South African
Here is the official petrol price for June 2025
The Department of Petroleum and Mineral Resources has confirmed the official fuel price adjustments for this month which will take effect from midnight on Tuesday, 3 June. May saw volatility in the oil price and the strengthening of the rand against the dollar relative to April. This resulted in a consistent over-recovery in fuel prices. However, a hike in the general fuel levy from the latest budget undercut this by around 15 cents per litre. This has translated to a small reduction in petrol prices in June. Petrol will be cut by 5 cents per litre for 93 and 95, and there will be a decrease of 37 cents per litre for diesel. FUEL PRICE CHANGE Petrol 93 decrease of 5 cents Petrol 95 decrease of 25 cents Diesel 0.05% decrease of 37 cents Diesel 0.005% decrease of 37 cents Illuminating Paraffin decrease of 56 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $65.15 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.88/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 1 July 2025. Go easy on the accelerator until then, Mzansi. INLAND June Petrol 93 R21.24 Petrol 95 R21.35 Diesel 0.05% R18.53 Diesel 0.005% R18.57 Illuminating Paraffin R12.49 COASTAL June Petrol 93 R20.45 Petrol 95 R20.56 Diesel 0.05% R17.70 Diesel 0.005% R17.81 Illuminating Paraffin R11.47 Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
2 days ago
- Business
- The South African
Confirmed: Official fuel prices change from Wednesday
According to the Department of Petroleum and Mineral Resources, there will be an expected decrease in fuel prices coming into effect this week, although it will be a relatively minimal amount. Due to the hike in the general fuel levy from the latest budget – which sees fuel taxes going up 15 cents per litre for diesel and 16 cents per litre for petrol – the decrease this month has been offset against this change. As a result, the official fuel prices for June will see a small cut of 5 cents per litre for 93 and 95 petrol, and a cut of 37 cents per litre for diesel. When factoring in the fuel levy increases, this is the official change that will be seen at the pumps from midnight on Tuesday, 3 June 2025: 93: decrease of 5 cents per litre decrease of 5 cents per litre 95: decrease of 5 cents per litre decrease of 5 cents per litre Diesel 0.05% (wholesale): decrease of 37 cents per litre decrease of 37 cents per litre Diesel 0.005% (wholesale): decrease of 37 cents per litre Inland May Official June Official 93 Petrol R21.29 R21.24 95 Petrol R21.40 R21.35 Diesel 0.05% (wholesale) R18.90 R18.53 Diesel 0.005% (wholesale) R18.94 R18.57 Illuminating Paraffin R13.05 R12.49 LPGAS (per kg) R38.23 R37.34 Coastal May Official June Official 93 Petrol R20.50 R20.45 95 Petrol R20.57 R20.52 Diesel 0.05% (wholesale) R18.07 R17.70 Diesel 0.005% (wholesale) R18.18 R17.81 Illuminating Paraffin R12.03 R11.47 LPGAS (per kg) R35.07 R34.18 Let us know by leaving a comment below, or send a WhatsApp to 060 011 0211. Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The Citizen
15-05-2025
- Business
- The Citizen
Petrol price relief still on the cards for June: Here's what you could be paying
Mid-month fuel price data points to a slight dip for both petrol and diesel at the pumps in June. Get the latest figures here. Current data indicates that conditions are positive for a drop in petrol and diesel prices in June 2025. Picture: iStock South African motorists have been getting more revs for their money since March this year, with the May drop in petrol and diesel prices being the third consecutive fuel price cut for 2025. Should current market conditions persist until the end of May, even more petrol and diesel price gains could be on the cards come June. The latest unaudited data from the Central Energy Fund (CEF) points to a modest over-recovery of about 30 cents per litre in petrol prices and around double that for diesel. The state of fuel prices at the pumps South Africans currently pay R21.29 for a litre of 93 unleaded petrol ( ULP) in Gauteng, with 95 ULP retailing at R21.40 inland and R20.60 at the coast. This follows price cuts of 22 cents per litre for 95 ULP and 21 cents for 93 UPL at the beginning of May, while diesel decreased by between 41 cents (50ppm) and 42 cents (500ppm). June fuel price: Expected changes in petrol, diesel and paraffin The CEF, a state-owned energy company reporting directly to the Department of Petroleum and Mineral Resources, looks at pertinent data such as the exchange rate and global oil prices for its snapshots. These are the June fuel price projections at mid-month: Petrol 93: Decrease of 30 cents per litre. Decrease of 30 cents per litre. Petrol 95: Decrease of 30 cents per litre. Decrease of 30 cents per litre. Diesel 500ppm (wholesale): Decrease of 60 cents per litre. Decrease of 60 cents per litre. Diesel 50ppm (wholesale): Decrease of 61 cents per litre. Decrease of 61 cents per litre. Illuminating paraffin: Decrease of 63 cents per litre. Main fuel price drivers: Rand/dollar, global oil prices The most important factors influencing the price of fuel locally are the average rand/dollar exchange rate throughout any given month, as well as the average price of oil in that same period. Global oil prices have stabilised following a surge last week to around $66 per barrel on the back of tariff tensions between China and the US easing. Despite a stronger rand coming to the rescue, if oil prices remain at current levels, the fuel price over-recoveries could shrink by month-end to around 15 cents for petrol and 40 cents for diesel. At the time of writing on 15 May, the rand was trading at R18.04 against the American greenback. The price of Brent Crude Oil stood at $64.44 per barrel. ALSO READ: Small fuel price decrease no help for consumers in looming rough ride Official fuel price: Who has the final say As always, the latest data update comes with the caveat that it is still early in the month, and market conditions can swing before the Department of Petroleum and Mineral Resources makes the final announcement at the end of this month. According to the department, the unaudited CEF snapshots are not predictive and do not cover other potential changes, such as slate levy adjustments or retail margin changes, which could still have a bearing on the final fuel prices. The official fuel price adjustments will come into effect on Wednesday, 4 June. READ NEXT: Fuel price explainer: How is the petrol price determined? [VIDEO]
IOL News
11-05-2025
- Business
- IOL News
Will the fuel cut really make a difference in the lives of SA consumers?
Food basket. The past few months have been among the toughest yet for citizens from all walks of life and the tiny petrol price cut announced by the DMRE will make no discernible difference in the lives of consumers who are still facing prices above R20,00 per litre at the pumps. Image: Independent Newspapers The pain continues for millions of South Africans who have battled their way through the past year, despite the cost-of-living crisis that has all but decimated household budgets across income groups, with no easing up of their financial burden on any front whatsoever. 'The past few months have been among the toughest yet for citizens from all walks of life and the tiny petrol price cut announced by the Department of Petroleum and Mineral Resources (DMRE) this week will make no discernible difference in the lives of consumers who are still facing prices above R20,00 per litre at the pumps. In addition, rocketing food prices and unsustainably high interest rates keep them locked into a debt cycle that they cannot escape,' CEO of Debt Rescue Neil Roets said. This past week the DMRE published the official fuel price adjustments that took effect on Wednesday, 7 May, announcing a cut in the price of petrol of 22 cents per litre for 93 and 95 petrol, respectively and between 41 and 42 cents per litre for diesel. This was largely due to steep declines in global oil prices in April as markets got rattled by US President Donald Trump's tariffs and trade wars, while the rand weakened slightly amid the shocks. The average Brent crude oil price declined from $71.04 to $66.40 over the month, and the average international product prices for petrol, diesel and illuminated paraffin decreased during the period under review. 'While any financial relief is obviously welcome, authorities need to recognise that South Africans are at breaking point right now under the combined onslaught of food prices that have increased far above the inflation rate, interest rates that are still among the highest they have been in a decade and the relentless financial onslaught from Eskom for an essential service that impacts the survival of every man, woman and child,' Roets told Business Report. The price of food is unsurprisingly at the top of the list of concerns for the majority of households across the nation, not least because recent price increases for basic foodstuffs now place nutritional meals out of reach, especially among lower-income families. While the latest inflation data for South Africa showed an easing, food prices in the country saw a sharp increase. The April 2025 Household Affordability Index, confirmed the daily reality facing people today: the cost of survival is rising faster than people can keep up. 'The figures in the April 2025 Household Affordability Index, released by the Pietermaritzburg Economic Justice and Dignity Group (PMBEJD) , reflect a brutal truth—millions of South Africans are no longer coping,' Roets said. Aliya Chikte, project officer at the Alternative Information and Development Centre (AIDC) said that although food inflation is slowing down, the average cost of a household food basket is unaffordable in the context of mass unemployment and deep impoverishment. The latest PMBEJD report shows that the average household food basket, catering for a family of four, now costs R5 420.30, but a nutritionally adequate food basket is priced at R6 666.26. That's a shortfall of R1 245.96, a gap that low-income households simply cannot close through income alone. This means that workers earning the National Minimum Wage are R2 000 short on food after covering just electricity and transport, leaving only R453.28 per person per month for food, far below the Food Poverty Line of R796. The effect of VAT on the household food basket is significant, with 22 of the 44 food items in the total household food basket subject to VAT. Food items subject to VAT made up 46% of the total cost of the household food basket in April. With zero-rated food items costing R2 929.32 and foods subject to VAT R2 490.97, VAT on the total household food basket amounted to R324.91. 'This means that 6.0% of the household food basket was made up of VAT. This is money that could be used to buy more food,' Roets said. "Added to this is the sad fact that hard-working taxpayers will ultimately pay for any mistakes made by the government. When the Western Cape High Court stopped the tabled VAT hike, it passed the legal costs on to Treasury and Parliament. This means that taxpayers will end up footing this bill. Exactly how much remains to be seen, but it is likely to run into hundreds of thousands of rands," Roets said. The latest BankservAfrica Take-Home Pay Index showed that nominal average take-home pay declined to 17,811 in March 2025, 2.5% lower compared to February's R18,272, due to intensifying economic headwinds both locally and globally that continue to pressure growth prospects and confidence levels. This raises concerns over potential impacts on employment and earnings in the coming months despite the upward year-on-year momentum.
