South African govt lowers petrol price in New Year

A sigh of relief for the South Africans during the start of New Year following the reduction of fuel prices. The reduction in petrol prices by up to 14 cents per litre is highly welcomed by the people living in South Africa.

Announcing the drop in the petrol prices, which has seen a litre of 93 (ULP and LRP) come down by four cents, the ministry said a litre of 95 (ULP and LRP) petrol has come down by 14 cents, while the cost of both grades of diesel has increased by nine cents a litre.

The wholesale price of illuminating paraffin has been raised by five cents per litre while that of illuminating paraffin has gone up by seven cents a litre, according to the ministry.

The maximum retail price for liquefied petroleum gas has been reduced by 24 cents per kilogramme, the ministry said, adding that the average international product prices for petrol decreased – while those of diesel and illuminating paraffin increased during the period under review.

"The rand currency appreciated against the US dollar during the period under review, on average, when compared to the previous period," the ministry added.

The lower petrol prices come just weeks after the December 2019 prices of the commodity rose by 22 cents a litre, while in November of the same year both grades of petrol had their cost come down by 13 cents a litre.