Fuel prices are set to drop by more than R1 per litre on Wednesday, bringing them to levels last seen in February 2022.
The cost of 95 unleaded petrol will decrease by R1.14 per litre, while 93 petrol will be R1.06 cheaper. Diesel prices will fall by between R1.12 and R1.14 per litre, depending on the sulphur content.
Illuminating paraffin will see a reduction of R1.11 per litre, but the maximum retail price of LP gas will increase by 23 cents per kilogram.
Starting Wednesday, 95 unleaded petrol will be priced at R21.05 per litre in Gauteng and R20.26 on the coast, marking the lowest prices since February 2022.
Wholesale diesel prices in Gauteng will be R18.45 per litre, and R17.66 on the coast, also the lowest since February 2022.
The recent decline in oil prices is attributed to increased production from major oil-producing countries, despite concerns about lower demand.
The average Brent oil price dropped from $78.54 per barrel in August to $72.82 over the past month, according to the Department of Mineral and Petroleum Resources.
While economic slowdowns in the US and China are expected to reduce fuel demand, there has been significant output growth from non-OPEC oil producers, even as OPEC has been cutting production.
South African fuel prices are also influenced by the rand exchange rate, as oil is priced in dollars.
The rand averaged R17.68/$ over the past month, compared to R18.05 in August, contributing to about 22 cents in price cuts for petrol and diesel.
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