Fuel prices reduced in South Africa in accordance with global oil price trends

The South African Department of Energy has announced that the price of petrol will drop by 19 cents per liter in March, according to a report of The South African. Diesel and paraffin prices will also be reduced by 54 cents and 68 cents respectively.

The department said the price of both grades of diesel (0.05% Sulphur) and diesel (0.005% Sulphur) will come down by 54 cents per liter.

The March product price adjustment is the third consecutive drop in the petrol price since the start of the year. However, lower fuel prices may not last for a long time and can end up in April.

On a statement, The Department of Energy said, "The average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review. The rand depreciated against the US dollar during the period under review, on average, when compared to the previous period".

The major reason behind the dropping of the price is the global oil price trends that have accounted for this slashing of fuel costs and due to the outbreak of the coronavirus which has left international markets in a deep threat, and the demand for oil has subsided.