The Department of Mineral Resources and Energy has announced a 19 cent decrease in the price of 93 octane petrol (ULP and LRP) and 95 octane petrol (ULP and LRP) as of Wednesday, 4 March. Here’s what you need to know.
Motorists can breathe a sigh of relief this month after the announcement that the petrol price will decrease again by between 19 and 54 cents a litre this week.
Both grades of diesel (0.05% Sulphur) and diesel (0.005% Sulphur) will come down by 54 cents a litre.
The price adjustment will see a litre 95 come down to R15.84 cents in Gauteng, down from the R16.03 in February.
The price of illuminating paraffin (wholesale) will decrease by 68 cents per litre, while that of illuminating paraffin (SMNRP) will go down by 91 cents a litre.
The Maximum Retail Price for LPGAS will decrease by 32 cents per kilogram.
The department 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,” said the department.
The March product price adjustment is the third consecutive drop in the petrol price since the start of the year. This might be the last month where the petrol price goes down like that after Finance Minister Tito Mboweni announced fuel levy increases during his Budget Speech last week.
Minister Mboweni said the fuel levy will increase by 25 cents per litre, of which 16 cents is for the general fuel levy and 9 cents is for the Road Accident Fund levy. As of April 2020, the general levy will add R3.70 per litre of petrol and R3.55 per litre of diesel. The Road Accident Fund levy will add R2.07 per litre of both petrol and diesel.
The Automobile Association said in a statement. “Previous years have seen higher than inflation-linked increases to the fuel levies – the General Fuel Levy, the Road Accident Fund levy, customs and excise taxes, and the Carbon Tax. However, given the fact that many South Africans are buckling under severe financial constraints, such an increase this year will be more than detrimental, it could be catastrophic.”