South African Fuel Prices Set to Drop Significantly in September
South African motorists can look forward to cheaper fuel starting Wednesday, September 4, with significant decreases in petrol and diesel prices forecasted.
According to unaudited month-end data from the Central Energy Fund, petrol prices are expected to drop by between 89 cents (93 Unleaded) and 96 cents (95 Unleaded). Diesel prices are also set to decrease, with 500ppm diesel dropping by 78 cents and 50ppm diesel by R1.05.
These reductions will make petrol and diesel cheaper than they have been at any point in 2024. Specifically, 95 Unleaded petrol is expected to cost around R21.36 at the coast and R22.15 inland, while 93 Unleaded will be approximately R21.82 inland.
However, the official fuel price adjustments for September, which are due to be announced by the Department of Mineral Resources and Energy soon, could vary slightly due to factors such as the Slate Levy.
The main drivers behind the predicted fuel price cuts are stronger oil prices, which account for 85 cents of the petrol over-recovery, and a stronger rand, contributing 11 cents to the positive price equation.
Brent crude oil was trading around $76 (R1,352) per barrel on Monday, September 2. If it maintains this level throughout the month, South Africa's lower fuel price level should continue into October.
2024 has been a tumultuous year for fuel prices, with petrol prices rising by nearly R3 between January and May, followed by significant reductions in the subsequent months.
According to unaudited month-end data from the Central Energy Fund, petrol prices are expected to drop by between 89 cents (93 Unleaded) and 96 cents (95 Unleaded). Diesel prices are also set to decrease, with 500ppm diesel dropping by 78 cents and 50ppm diesel by R1.05.
These reductions will make petrol and diesel cheaper than they have been at any point in 2024. Specifically, 95 Unleaded petrol is expected to cost around R21.36 at the coast and R22.15 inland, while 93 Unleaded will be approximately R21.82 inland.
However, the official fuel price adjustments for September, which are due to be announced by the Department of Mineral Resources and Energy soon, could vary slightly due to factors such as the Slate Levy.
The main drivers behind the predicted fuel price cuts are stronger oil prices, which account for 85 cents of the petrol over-recovery, and a stronger rand, contributing 11 cents to the positive price equation.
Brent crude oil was trading around $76 (R1,352) per barrel on Monday, September 2. If it maintains this level throughout the month, South Africa's lower fuel price level should continue into October.
2024 has been a tumultuous year for fuel prices, with petrol prices rising by nearly R3 between January and May, followed by significant reductions in the subsequent months.
