30 October 2023
By: Liana Mocke
Good news: from Wednesday, it will be cheaper to fill your tank with petrol or diesel.
The drop in fuel prices is good news after the increases at the beginning of October. Petrol and diesel prices will decrease from Wednesday as follows:
• All grades of petrol will decrease by 178c/litre.
• Diesel (0,05% sulphur) will decrease by 85,08c per litre from the current R25,01. This was the highest price Gauteng farmers had to pay in 2023.
• Diesel on the coast will fall from R24,96/litre to R23,45.
• Diesel (0,005% sulphur) will be 82,05c cheaper per litre.
• Paraffin will also be cheaper, but gas will be more expensive. The retail price of paraffin will decrease to R1,30/litre and gas will be R1,40/kg more expensive.
However, the balance levy will increase by 21,92c/litre, making the levy 52,62c from November 1. The balance levy goes to an account the government uses to compensate fuel companies when it costs them more to purchase fuel daily than they are allowed to charge for it. In months when consumers pay too little for their fuel, the levy is increased in the following month to compensate for it.
The economic factors that led to the decreases during the review period (September 29 to October 26) include a fall in average international prices for diesel, petrol and paraffin. The rand also weakened against the dollar during the review period, with an average exchange rate of R19,0797 compared to R18,9853 in the previous comparable period.
