South Africans receive good news as fuel prices drop significantly in July, thanks to declining global oil prices and improved supply outlooks from recent US-Iran agreements.
With global oil prices in decline, following the re-opening of the Strait of Hormuz and the ongoing peace talks between the United States and Iran, the official fuel price adjustments for July brings some much needed good news for South Africans.
The Department of Petroleum and Mineral Resources (DMPR) announced the official fuel price adjustments on Tuesday with petrol prices declining by R2.01 per litre for 93 Unleaded and R1.96 for 95 Unleaded. Diesel will decrease by R3.59 per litre for 50ppm and R3.14 for 500ppm. The wholesale price of illuminating paraffin will be reduced by R5.23 per litre.
Below is the fuel price adjustments that will take effect from 1 July:
The DMPR said that the fuel price decreases could be credited to the average brent crude oil price decreasing from $104.59 to $86.53 during the period under review.
