Motorists and transporters will get relief at fuel pumps when the prices of all grades of petrol decrease.
The Department of Mineral Resources and Energy announced in a statement on Tuesday that the price of all grades of petrol and diesel as well as paraffin will drop at midnight, June 5.
According to the department, the retail price of grade 93 and 95 petrol (both ULP and LRP) will decrease by R1.24 per litre, and the wholesale price of diesel (0.05% sulphur) will drop R1.18 per litre, while the price of diesel (0.005% sulphur) will decline by R1.08 per litre.
The wholesale price of illuminating paraffin will drop by 80 cents per litre while the single maximum national retail price of paraffin will decrease by R1.07 per litre and the maximum retail price for LP Gas will drop by R1.35 per kilogram.
This comes after the average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review.
“The rand appreciated against the US Dollar during the period under review, on average, when compared to the previous period,” the department said.
“The average Rand/US Dollar exchange rate for the period 26 April to 30 May was 18.4664 compared to 18.9036 during the previous period. This led to a lower contribution to the basic fuel prices on petrol, diesel and illuminating paraffin by 30.91 c/l, 29.90 c/l and 30.03 c/l per litre respectively,” the department said.
The combined cumulative petrol and diesel slate balances at the end of April amounted to a negative balance of R696.3 million.
“In line with the provisions of the self-adjusting slate levy mechanism, a slate levy of 4.38 c/l, a decrease of 17.54 c/l, has been implemented into the price structures of petrol and diesel with effect from 5 June 2024,” the department said.
