The department announced marginal increases to the price of both grades of petrol, with diesel variants set for a price drop.
Decreases will also be felt for consumers of illuminating paraffin and LP Gas.
The following price adjustments will apply:
“The average Brent Crude oil price increased slightly from $67.01 to $67.16 during the period under review. The increase in the price of crude oil is due to the geopolitical risks emanating from the Russia-Ukraine conflict as well as the Middle East conflict.
“The impact of the geopolitical risks outweighs the OPEC+ recent announcement to increase production in October, which could ultimately lead to increased supply and lower prices,” the department said.
Furthermore, international petroleum prices “followed the increasing trend of crude oil prices”.
The rand also strengthened during the period under review.
“This led to higher contributions to the Basic Fuel Prices [BFP] of petrol by 16.93 cents per litre (c/l), diesel by 8.13c/l and illuminating paraffin by 4.23c/l. The prices of Propane and Butane remained the same as during the previous period; however, the shipping costs were lower.
“The Rand appreciated on average, against the USD… from R17.73 to R17.49 per USD during the period under review when compared to the previous one. This led to lower contributions to the Basic Fuel Prices of petrol by 14.27c/l, diesel by 15.40c/l and Illuminating paraffin by 14.79c/l,” the DMPR said.
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