4 July 2023
By: Michelle van der Spuy
The price of both grades of diesel will slightly increase tomorrow, while petrol prices will decrease slightly.
The Department of Mineral Resources & Energy announced the following fuel prices yesterday, and they take effect tomorrow (5 July):
- Petrol (93 octane): 24 cents/litre cheaper
- Petrol (95 octane): 17 cents/litre cheaper
- Diesel (0.05% sulfur): 18 cents/litre more expensive
- Diesel (0.005% sulfur): 12 cents/litre more expensive
- Paraffin: 4 cents/litre cheaper
According to a statement by the department, the average price of Brent crude oil during the period under review decreased slightly from $75.90 a barrel to $75.10.
This is due to concerns about a recession and an expected slowdown in the global economy, which prompted the US Federal Reserve to keep the interest rate unchanged this month. However, the European Central Bank and the Bank of England have increased interest rates.
Oil-producing countries decided at their latest meeting not to increase oil production.
According to the department, the average international prices of petrol, diesel and paraffin increased during the period under review, while the price of gas decreased.
During the period, the rand strengthened against the dollar from R18.99 to R18.64. This contributed to the decrease in petrol and paraffin prices.
No fuel levy or carbon tax will be added to fuel prices in July. The fuel levy will therefore decrease to R3.95/litre for petrol and R3.81/litre for diesel.