Petrol & paraffin prices to go down in August

The Department of Mineral Resources and Energy on Saturday announced a decrease in fuel prices for August.

“South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” the department said in a statement.

Both grades of petrol will drop by R1.32 c/, diesel by R0.88 c/l while illuminating paraffin see a drop of R1.44 c/l.

The slight relief will come as motorists and commuters have been battling to find a budget to adjust to the massive increase in fuel prices by the Energy Department in July. The increases saw both grades of petrol going up by R2.37 (93) and R2.57 (95) per litre, diesel increasing by R2.30 and R2.31 per litre for both grades, and Illuminating paraffin costing R1.66 more.

Earlier in the month, the Automobile Association predicted a drop in fuel prices for August.

“All of this is naturally good news for consumers and motorists and will ease some pressure on embattled budgets.

We must, however, be cognizant of the fact that this is mid-month data, and that price outlook may change over the next two weeks before the August adjustment is made,” the association said.

The fuel price drop will kick in from 3 August 2022.

-EWN

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