Diesel Price October 2024

South Africa’s fuel prices are adjusted monthly, 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:

1. Crude oil prices
The average Brent Crude oil price decreased from 78.54 US Dollars (USD) to 72.82 USD per barrel, during the period under review. The main contributing factor is the increased production from major oil-producing countries despite lower demand concerns.

2. International petroleum product prices
The average international petroleum product prices decreased on average, in line with the lower oil prices, during the period under review. This led to lower contributions to the Basic Fuel Prices of petrol by 91.74 c/l and 85.04 c/l, diesel by 91.37 c/l and 88.72 c/l and illuminating paraffin by 87.64 c/l, respectively.3. Rand/US Dollar exchange rate
The Rand appreciated on average, against the US Dollar (from 18.05 to 17.68 Rand per USD) during the period under review. This led to lower contributions to the Basic Fuel Prices of all products by over 21.00 cents per litre.

4. Implementation of the Slate Levy
The cumulative slate amounted to a positive balance of R3.84 billion for petrol and diesel of at the end of August 2024. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre remain in the price structures of petrol and diesel with effect from the 2nd of October 2024.

5. Temporary Closure of the Port of PE
The Port of Port Elizabeth (PE) has been temporarily closed due to an incident that occurred at the Port in June 2024. The Minister of Mineral Resources and Energy has approved the implementation of the revised transport tariffs into the petrol, diesel and Illuminating Paraffin (IP) price structures as an interim measure until the Port of PE is operational, with effect from the 2nd of October 2024. The adjustment to the road transport tariffs applicable to petrol, diesel and IP price structures will range from a decrease of 0.9 c/l in Zone 9A to an increase of 10.5 c/l in Zone 8B. The affected Magisterial District Zones are listed on Annexure A.

6. Octane differentials between 95 and 93 petrol grades
In line with the Working Rules to determine the Basic Fuels Prices (BFP), the differential between 95 and 93 octanes is adjusted on the first Wednesday of each quarter. The BFP Octane differential has changed during the previous quarter and therefore the retail prices of 95 and 93 petrol octanes will be different in each fuel-pricing zone with effect from the 2nd of October 2024.

Based on current local and international factors, the fuel prices for October 2024 will be adjusted as follows:
❖ Petrol 93 (ULP & LRP): One hundred and six cents per litre (106,00 c/l) decrease.
❖ Petrol 95 (ULP & LRP): One hundred and fourteen cents per litre (114.00 c/l) decrease.
❖ Diesel (0.05% sulphur): One hundred and fourteen cents per litre (114.00 c/l) decrease.
❖ Diesel (0.005% sulphur): One hundred and twelve cents per litre (112.00 c/l) decrease.
❖ Illuminating Paraffin (wholesale): One hundred and eleven cents per litre (111.00 c/l) decrease.
❖ SMNRP for IP: One hundred and forty-eight cents per litre (148.00 c/l) decrease.
❖ Maximum LPGas Retail Price: Twenty-three cents per kilogram (23.00 c/kg) increase;