Cape Town – South African motorists have received some bit of good news early in the new year, with the announcement by the Central Energy Fund (CEF) that fuel prices are set to decrease on Wednesday.
CEF announced on Monday that the retail price of petrol (93) will be cut by 71 cents a litre, while 95 will decrease by 68c.
The wholesale price of diesel will be lowered by 67.8 cents a litre.
The price of illuminating paraffin will also decrease by 71 cents per litre, while the maximum retail price for LP Gas will go down by 70 cents.
The Department of Mineral Resources and Energy said in a statement that the decrease in fuel price was related to the decrease in average international prices for petrol, diesel and paraffin.
Local fuel prices were determined by international oil prices – as well as the dollar-rand value, as South Africa buys oil in the dollar.
“The rand depreciated, on average, against the US Dollar (from 15.40 to 15.92 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 about 29.00 cents per litre,” said the department.
Picture: Getty Images