Saturday, 29 February 2020 20:04

 

The Minister of Mineral Resources and Energy, Gwede Mantashe has announced the adjustment of fuel prices for March based on current local and international factors. 

The Deparmtent of Mineral Resources and Energy, said the main reason for the fuel prices changes "is the lower crude oil prices during the period under review when compared to the previous one."

"The average Brent Crude oil price decreased from 64.24 USD to 55.95 USD per barrel during the period under review. The main reason for the lower oil prices is due to the continuous spread of the coronavirus even in countries outside China. This has added to investor and traveller concerns and as a result affected the demand for crude oil," said the Department in a statement. 

"The Rand depreciated, on average, against the US Dollar (from 14.32 to 14.97 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by about 29.00 c/l."

Based on current local and international factors, the fuel prices for March 2020 will be adjusted as follows:

  • Petrol (both 93 ULP and LRP): nineteen cents per litre (19.00 c/l) decrease
  • Petrol (both 95 ULP and LRP): nineteen cents per litre (19.00 c/l) decrease;
  • Diesel (0.05% sulphur): fifty four cents per litre (54.00 c/l) decrease;
  • Diesel (0.005% sulphur): fifty four cents per litre  (54.00 c/l) decrease;
  • Illuminating Paraffin (wholesale): sixty eight cents per litre (68.00 c/l) decrease;
  • SMNRP for IP: ninety one cents per litre (91.00 c/l) decrease;
  • Maximum LPGas Retail Price: thirty two cents per kilogram (32.00 c/kg) decrease.