Fuel price cut on the horizon

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Some good news for South Africans as the world continues to battle the sneaky COVID-19 pandemic.

Fuel prices in the country will go down from midnight on Tuesday.

The price of 93-octane will decrease by R1.76 cents per litre and 95-octane by R1.88 cents.

The price of diesel will go down by R1.33 cents and R1.34 cents a litre for different types of fuel.

The price of illuminating paraffin is set to decline by R1.84 cents a litre.

Minister of Minerals Resources and Energy Gwede Mantashe says the price cuts are due to the current local and international factors.

“The Rand depreciated, on average, against the US Dollar (from R14.97 to R16.43  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 40.00 c/l, 46.62 c/l and 42.26 c/l respectively.”

The petrol price drops are substantially less than those forecast by the AA and are due to the fuel price levy, among other things.

In the video below, is an interview on reasons behind the looming price drop: