South Africa Announces Fuel Price Adjustments for July 5, 2023

1 min read
s o

The Minister of Mineral Resources and Energy, Mr. Gwede Mantashe, has announced fuel price adjustments that will take effect on July 5, 2023, in South Africa. The adjustments consider both local and international factors, alongside the nation’s fuel prices, which are determined monthly.

South Africa’s Reliance on Imported Fuel

South Africa relies on crude oil and finished products imported at international prices, including additional costs such as shipping expenses. This makes the nation particularly vulnerable to international influences on fuel pricing.

Factors Contributing to Fuel Price Adjustments

The fuel price adjustments for July 5, 2023, are based on the following factors:

  1. Crude Oil Prices

During the review period, the Brent Crude oil price experienced a slight decrease from $75.90 to $75.10 per barrel. This decrease was attributed to recession fears and anticipated global economic slowdowns. Additionally, The US Federal Reserve maintained its interest rates but warned of future increases, and the European Central Bank and The Bank of England raised their interest rates due to ongoing recession concerns. The meeting of OPEC and Non-OPEC members also decided not to increase oil production cuts, affecting crude oil prices.

  1. International Petroleum Product Prices

The average international product prices of petrol, diesel, and illuminating paraffin increased, while the price of LPG decreased. The factors for these adjustments include the ongoing driving season in the Northern Hemisphere, which raised petrol prices, tighter supplies that led to middle distillate prices increasing at a higher rate, and LPG prices decreasing due to declines in propane and butane prices.

  1. Rand/US Dollar Exchange Rate

The South African Rand appreciated against the US Dollar on average during the review period, resulting in lower contributions to the Basic Fuel Prices (BFP) of petrol, diesel, and illuminating paraffin. The stronger Rand positively affected petrol and illuminating paraffin prices.

  1. Implementation of the Slate Levy

The cumulative slate balance for petrol and diesel amounted to a positive balance of R2.7 million by the end of May 2023. As a result, the Self-Adjusting Slate Levy Mechanism does not require a Slate Levy for the price structures of petrol and diesel in July 2023.

  1. Octane Differentials Between Petrol Grades

The 95 octane (unleaded) grade is the price-marker grade, and the BFP-differential between 95 and 93 octanes is adjusted quarterly on the first Wednesday. The BFP Octane differential changed during the previous quarter, affecting the retail prices of 95 and 93 petrol octanes in each fuel-pricing zone starting July 5, 2023.

Fuel Price Adjustments for July 5, 2023

Based on these local and international factors, the following fuel price adjustments will take effect on July 5, 2023:

  • Petrol (93 ULP and LRP): 24.00 c/l decrease
  • Petrol (95 ULP and LRP): 17.00 c/l decrease
  • Diesel (0.05% sulphur): 18.00 c/l increase
  • Diesel (0.005% sulphur): 12.00 c/l increase
  • Illuminating Paraffin (wholesale): 4.00 c/l decrease
  • SMNRP for IP: 5.00 c/l decrease
  • Maximum LPGas Retail Price: 296.00 c/kg decrease

The fuel prices schedule for the different zones will be published on Tuesday, July 4, 2023.

A Russian-Spanish journalist and Cape Town native, channels his lifelong passion for South Africa into captivating stories for his local blog. With a diverse background and 50 years of rich experiences, Serjio's unique voice resonates with readers seeking to explore Cape Town's vibrant culture. His love for the city shines through in every piece, making Serjio the go-to source for the latest in South African adventures.

Leave a Reply

Your email address will not be published.

Previous Story

Media Accreditation and International Cooperation for the 15th BRICS Summit

Next Story

Gauteng Provincial Legislature Empowers Duduza Youth through Youth Career Expo

Latest from Blog

Resilience Amid Flames: Cape Town’s Response to Devastating Fires

Cape Town is bravely fighting back against the wildfires that devastated its informal settlements, which left many families homeless. Local leaders are quickly providing emergency housing and asking for more support to act faster during crises. The community is coming together, working with relief groups to help those in need, and showing incredible strength and hope. As they rebuild their lives, Cape Town’s spirit shines through, proving that even in tough times, people can unite to create a brighter future.

Transforming Policing in South Africa’s Northern Cape

In South Africa’s Northern Cape, a heartwarming initiative is changing how police treat victims of genderbased violence. They are creating special Victim Friendly Rooms in police stations, where survivors can feel safe and cared for. This project, led by Lieutenant General Koliswa Otola and her team, aims to build trust within the community and make victims feel supported. By using technology and compassionate approaches, police are not just enforcing laws; they are becoming a source of comfort and strength for those in need.

Crime and Justice in the Western Cape: A Complex Narrative

In the Western Cape of South Africa, crime and justice form a complicated story filled with both struggles and hope. High levels of drugrelated crime and illegal guns create big challenges for communities, but law enforcement, like the AntiEconomic Crimes Task Team, works hard to make things safer. A recent operation in Beacon Valley led to the arrest of four suspects and uncovered a stash of drugs and a gun, showing the ongoing battle against crime. This situation reflects not just individual actions but deeper social issues that affect many lives, highlighting the need for a fair and understanding justice system. Through this, we see a blend of resilience, culture, and the community’s strong spirit striving for a better future.

Spreading Holiday Cheer: Firefighters Bring Joy to Children

In December 2024, firefighters brightened the holidays for children in care facilities by delivering wrapped gifts with big smiles. Partnering with Pick n Pay, they spread joy and gratitude after receiving support during a tough summer of wildfires. Each visit was a heartwarming reminder of kindness, as firefighters became symbols of generosity, teaching kids about empathy and community spirit. This joyful initiative shows how simple acts of giving can light up lives and strengthen bonds in the community.

A Persistent Nightmare in Embalenhle: Justice Served

In Embalenhle, South Africa, a dark nightmare unfolded as Themba Prince Shongwe committed terrible crimes, including rapes and murders, from 2016 to 2018. The community lived in fear as he targeted innocent girls, causing heartbreak and loss. Finally, justice was served when he was found guilty and sentenced to nine life terms in prison, bringing relief to the grieving families and a sense of safety back to the community. This victory shines a light on the importance of standing against violence and working together to protect the vulnerable.