Minister Gwede Mantashe announces adjustment of fuel prices effective from 3 January 2024
Why are fuel prices coming down?
Because:
- Oil price is down – Brent Crude oil price decreased from $82.62 to 77.35 USD
- Which leads to lower LPG prices – in line with the lower crude oil prices above
- The ZAR depreciated only ever so slightly – from 18.57 to 18.66 Rand per USD
- Slate levy deacreases from 26.32c/ltr to nil – because of R1.8 billion balance end-Nov
Did you know?
South Africa’s fuel prices are adjusted monthly, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g., shipping costs.
TL;DR
In short, petrol drops around 70c/ltr and diesel is about R1.20/ltr cheaper from January 2024.
What does this mean for you and me?
As for bicycle transfers: The industry has received a decrease in the price of diesel and there is a fuel levy adjustment as follows. The fuel levy will be adjusted to the greater of R29.77 or 50.61% of the waybill charge, effective 3 January 2024.
Recent fuel price changes for South Africa
source: tradingeconomics.com
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