South Africa’s fuel prices are set to drop from Wednesday, with petrol expected to come down by 22 cents a litre and diesel by up to 42 cents.
The Department of Mineral and Petroleum Resources announced late Sunday that the new price of petrol 95 in Gauteng province will be R21.40 (about $1.16) effective Wednesday, down from R21.62 at present.
At the coast, the price will fall from R20.79 to R20.57 per litre.
Diesel (0.05% sulphur) will see its price reduced by 42 cents a litre, while the price of diesel (0.005% sulphur) will decrease by 41 cents.
The cost of illuminating paraffin will also decline, with wholesale prices dropping by 31 cents per litre and the maximum retail price decreasing by 41 cents per litre.
The maximum retail price of LPG is, however, expected to rise by 46 cents per kilogramme.
The department attributed the adjustments to global economic factors, including a decline in Brent crude oil prices, which fell from $71.04 to $66.40 per barrel during the past month.
Other contributing factors include concerns over a potential global economic slowdown, reduced crude oil demand and increased production from both non-OPEC countries and OPEC+ members.
JN/APA