The petrol prices decrease on Wednesday will be most welcome by motorists
Image: Picture: IOL
As of tomorrow, Wednesday May 7, motorists will breathe a sigh of relief as the cost of all grades of petrol are set to come down.
This comes as the Minister of Mineral and Petroleum Resources, Gwede Mantashe announced the adjustment of fuel prices based on current local and international factors.
The price of petrol 93 (ULP and LRP) will decrease by 22 cents a litre while the price of 95 (ULP and LRP) will also come down by 22 cents a litre. At the coast, a litre of 95 petrol, which costs R20.79 a litre, will cost R20.57 as of Wednesday. Currently, a litre of petrol 95 costs R21.62 in Gauteng. As of Wednesday, this will come down to R21.40 a litre.
Meanwhile, the price of Diesel (0.05% sulphur) will decrease by 42 cents a litre and that of Diesel (0.005% sulphur) will come down by 41 cents a litre. The price of Illuminating Paraffin (wholesale) will decrease by 31 cents per litre. The Single Maximum National Retail Price (SMNRP) for illuminating paraffin will see a 41 cent decrease and the maximum LPGas Retail Price will increase by 46 cents per kilogram.
“The average Brent Crude oil price decreased from 71.04 US Dollars (USD) to 66.40 USD during the period under review,” said the Department of Mineral and Petroleum Resources.
The department added that the tariff and trade war initiated by the United States which has raised global economic recession concerns, and a possible lower demand for crude oil, and oversupply of oil from non-OPEC countries and the anticipated increase in oil production by OPEC+ members were the main contributing factors for the fuel price adjustments.
“The average international petroleum product prices of petrol and diesel followed the decreasing trend of crude oil prices while the price of LPG increased due to higher freight (shipping costs) during the period under review,” the department added.