Cape Town – The Department of Petroleum and Mineral Resources has announced fuel price cuts effective Wednesday, 7 May 2025, driven by a drop in global oil prices despite a weaker rand and a rise in carbon fuel levies.
In his statement, Mantashe noted that South Africa’s fuel prices are reviewed and adjusted each month based on both domestic and global influences.
“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, like shipping costs,” he said.
Mantashe attributed the recent fuel price changes mainly to falling crude oil prices, noting that Brent Crude dropped from $71.04 to $66.40.
He cited the US-led tariff and trade war, fears of a global economic slowdown, and oversupply from non-OPEC producers as key influences.
OPEC+ plans to ramp up production also played a role.
Other contributing factors included shifts in international fuel prices, the Rand-dollar exchange rate, and the application of the Slate levy.
However, the rand weakened (from R18.30 to R18.83/$), adding some cost pressures.
Fuel levies remain largely unchanged except for a carbon levy increase of 3 cents/litre for petrol and diesel, now at 14c/l and 17c/l respectively.
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Compiled by Betha Madhomu
