South Africa Fuel Price August 2022 Everything you Need to Know

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South Africa Fuel Price August 2022 Everything you Need to Know

 

Consumers have taken some comfort this month as the Ministry of Minerals and Energy announced a reduction in all fuel grades from Wednesday 3 August.

The ministry also announced a reduction in the price of fluorescent paraffin and an increase in the price of gas.

Price adjustments are as follows:
– Both types of petrol are reduced by R1.32.

 

– Diesel with 0.05% sulfur is 88 cents cheaper and diesel with 0.005% sulfur is 91 cents cheaper. – Wholesale fluorescent paraffin is R1.44 cheaper and retail price is at least R1.92 lower.

 

– Gas maximum retail price is increased by 57c
. The bureau said one of the main drivers of the cut was the fall in Brent oil prices.
“The most important factor is the decline in oil demand due to recession concerns and the resurgence of Covid-19 in China.

 

Decisions by the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members to increase oil production.

“During the reporting period, average international product prices for gasoline, diesel, lighting paraffin and LPG fell. Rising freight rates during the period pushed up LPG prices,” the ministry said.
Temporary federal fuel tax relief expires this month.

 

The Central Energy Fund (CEF) will release unaudited fuel price data mid-month, with fuel price cuts expected in August 2022. Fuel prices in South Africa will skyrocket in the first half of 2022, putting a heavy strain on household budgets and impacting commodity prices.

At this stage, 95ULP gasoline can be reduced by about 90 c/l, while 93ULP gasoline can be reduced by R1.07 c/l. Diesel prices can be reduced by 91 cents/liter and Paraffin by 91 cents/liter.
This remedy, if implemented, would be welcomed by motorists and the general public.

 

However, the public should be reminded that these figures are based on mid-month data only and that the remaining days in July will affect the final adjustment in August.

The main reason for the expected decline is the fall in international oil prices, which is offset by the weak Rand/USD exchange rate. So, a strong Rand performance would put significant fuel price cuts in the forefront, but unfortunately Rand’s weakness undermines that outlook.

Earlier this year, the South African government intervened to reduce the general fuel tax (GFL) by 1.50 reais per liter in April and May, and halve it to 75 c/l in June and July, reducing the impact of the increase. has been removed. , however, this relief will not be extended and from August 2022 the GFL of R3.93 per liter will apply in full, diluting the projected reductions.

Automobile Association (AA) commented: These would be more significant if the GFL mitigation were still in place, but the reduction would still be welcome and would ease some of the pressure on consumers. The previous sizeable increase will still affect the economy in the coming months.

“Cuts provide immediate relief, but may increase over time, especially as affected sectors wait for more consistent fuel cuts that reduce input costs rather than immediately adjust prices downwards. A review of the fuel price structure and the components that make up fuel prices is essential and long overdue to provide a sustainable solution to mitigate rising fuel costs in the country. We support our call to

Petrol price per liter, Octane 95: Shows prices for South Africa from 25 April 2022 to 1 August 2022. South Africa averaged Rs 23.92 during that period, with a minimum of Rs 21.47 on 2 May 2022 and a maximum of Rs 26.42 on 4 July 2022. For comparison, the global average price of gasoline during this period is 33.57 South Africa. land. Use the dropdown menu to display the price in gallons.

 

What will be the petrol price in South Africa in 2022?

The Department of Mineral Resources and Energy (DMRE) has announced price increases for at least R2. $30 for all fuel variants starting Wednesday, July 6th. Lighting paraffin prices are expected to rise while gas prices fall

 

 

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