The Minister of Mineral Resources and Energy, Mr. Gwede Mantashe, has announced fuel price adjustments to be implemented from the 6th of September 2023. These adjustments are based on current local and international factors that affect the cost of fuel in South Africa.
South Africa’s fuel prices are adjusted every month, taking into account international factors such as changes in crude oil and finished product prices, as well as local factors such as importation costs. The adjustments are necessary for reflecting the fluctuating costs of production and international market dynamics.
The fuel price adjustments are primarily based on fluctuations in crude oil prices, international petroleum product prices, the Rand/US Dollar exchange rate, the implementation of the Slate Levy, and the annual wages adjustment for the forecourt staff.
During the review period, Brent Crude oil prices increased from 79.75 US Dollars to 84.78 USD due to tightening supply caused by production cuts by Saudi Arabia. International petroleum product prices also increased due to low inventories and refinery outages, affecting the production of blending components used in summer-grade petrol.
Diesel and paraffin prices increased due to lower shipments of Russia’s Urals crude oil and rising demand for middle distillates ahead of the winter season in the Northern Hemisphere. LPGas prices increased due to higher prices of Propane and Butane.
The implementation of the Slate Levy resulted in a positive balance of R1.3 million at the end of July 2023, making no slate levy applicable in the petrol and diesel price structure for September 2023.
The Minister of Mineral Resources and Energy approved a 5.0 cents per litre (c/l) increase in the price structures of petrol to accommodate the wage increase for forecourt employees in line with the Motor Industry Bargaining Council (MIBCO) Agreement.
Based on these factors, the fuel price adjustments for September 2023 are as follows:
The fuel price schedule for different zones will be published on Tuesday, the 5th of September 2023. These fuel price adjustments aim to maintain a balance between affordability for consumers and sustainability for the industry.
By keeping the public informed about these changes, the government ensures transparency in its decision-making process and promotes awareness about the factors affecting fuel prices in South Africa.
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