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After petrol and diesel prices reached record levels in recent months, motorists will experience some relief in August.
On Wednesday the retail price of 93 octane and 95 octane will reduce R1.32/l , the wholesale price of high sulphur diesel (0.05%) will drop 88c and low sulphur diesel (0.005%) by 91c. Illuminating paraffin will reduce R1.44/l .
Fuel prices are reviewed every month and the department of mineral resources and energy said the latest cuts were made possible by decreases in international prices for petrol, diesel and illuminating paraffin during the period under review, even though the rand depreciated against the US dollar.
The average rand-dollar exchange rate for the period July 1 to 28 was 16.87 compared to 15.76 during the previous period. This led to a higher contribution to the basic fuel prices of petrol, diesel and illuminating paraffin by 95.66c/l, 103.68c/l and 105.12c/l respectively.
The decreases take place despite the reimposition of the full R1.50/l fuel levy. To ease the burden of high fuel prices increases on motorists, government introduced a two-month R1.50 reduction in the petrol and diesel levy in April and May, which was adjusted to 75c/l in June and July.
From Wednesday the retail price of 95 unleaded in Gauteng will be reduced to R25.42/l and 93 unleaded to R24.99/l. The wholesale price of high sulphur diesel will be R24.52 and low sulphur diesel R24.62.
Mineral resources and energy minister Gwede Mantashe gazetted a notice on July 22 proposing a price cap on 93 octane petrol, which would allow fuel retailers to discount prices of 93 unleaded, allowing motorists to shop around for the best deal as they do for diesel. The retail price of petrol is set by government and it is illegal at any other price.
The public was given 30 days to comment on the notice.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.