Fuel Prices Set to Drop in South Africa as Global Oil Prices Fall
Wholesale diesel prices in South Africa are expected to decrease next week, following a drop in global oil prices and a stronger rand. The Department of Mineral and Petroleum Resources confirmed the reductions, which will take effect on Wednesday.
Wholesale diesel prices in South Africa will fall by between R1.37 and R1.50 per litre, depending on sulphur content, with prices set to reach around R18.42 in Gauteng and R17.59 on the coast, according to News24.com. The reductions, confirmed by the Department of Mineral and Petroleum Resources, will take effect on Wednesday. Over the past month, the average Brent oil price dropped from $63.55 to $61.47 per barrel. The main factor behind this decline is an oversupply of oil due to increased production by OPEC+ and non-OPEC producers. The rand strengthened to R16.85 per US dollar, up from R17.22 last month. According to AllAfrica, a peace deal between the US and Iran sent global oil prices down more than 4% on Monday, though this claim is reported by only one source.
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