Johannesburg: Petrol and diesel prices will drop between 50c and 65c from this Wednesday, the Department of Mineral and Petroleum Resources (DMPR) has announced. Paraffin will also decrease, while LP Gas consumers will see increases.

According to South African Government News Agency, the following price adjustments will apply from Wednesday: Petrol 93 (ULP and LRP) will see a 65c decrease, and Petrol 95 (ULP and LRP) will also decrease by 65c. Diesel with 0.05% sulphur will see a 50c decrease, and diesel with 0.005% sulphur will decrease by 57c. Illuminating Paraffin (wholesale) will decrease by 53c, while the Single Maximum National Retail Price for Illuminating Paraffin will see a 70c decrease. However, the Maximum Retail Price of LP Gas will increase by 31c, with a 36c increase in the Western Cape.

The DMPR noted that the average international product prices decreased due to the availability of inventories, despite an increase in crude oil prices. These factors led to lower contributions to the Basic Fuel Prices of petrol, diesel, and illuminating paraffin by 36c/l, 24.59 c/l, and 21.13 c/l, respectively. The prices of Propane and Butane increased during the period under review due to cold weather in the Northern Hemisphere and tighter global supply.

The Rand also strengthened against the US Dollar (USD), gaining ground from R16.85 to 16.31 Rand per USD during the period under review. This led to lower contributions to the Basic Fuel Prices of petrol, diesel, and Illuminating Paraffin by 28.52 c/l, 31.62 c/l, and 31.86 c/l, respectively, the department explained.