The Minister of Mineral Resources and Energy, Mr Gwede Mantashe, announces the adjustment of fuel prices based on current local and international factors with effect from the 4th of August 2021.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs.
The main reasons for the fuel price adjustments are due to:
The average Brent Crude oil price increased from 73.00USD to 74.00USD per barrel during the period under review. The American Petroleum Institute reported that the decline in the crude oil inventories reached a total of nearly 54 million barrels and this contributed to higher oil prices during July 2021.
2. International petroleum product prices
The movement in international refined petroleum product prices followed the increasing trend in crude oil prices. This led to higher contributions to the Basic Fuel Price of petrol by 48.29 c/l, diesel by 16.37 c/l and 15.53 c/l and illuminating paraffin by 17.76 c/l.
The Rand depreciated, on average, against the US Dollar (from 13.92 to 14.54 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 43.73 c/l, 32.37 c/l and 31.42 c/l respectively.
A levy of 6.58 cents per litre will be implemented into the prices structures of petrol and diesel in line with the Self-Adjusting Slate Mechanism rules effective from the 4th of August 2021.
Based on current local and international factors, the fuel prices for August 2021 will be adjusted as follows:
The fuel prices schedule for the different zones will be published on Tuesday, the 3rd of August 2021.
Mr Natie Shabangu – firstname.lastname@example.org / 073 852 1922
Mr Johannes Mokobane - email@example.com / 082 766 3674
Ms Lerato Ntsoko - firstname.lastname@example.org / 0824592788