Relief😅⛽Petrol prices are set to drop from Wednesday, but sadly 😪diesel prices will increase. PetrolPrice CostOfLivingCrisis TheCitizenNews Read the story⬇️
adjustments was the average Brent Crude oil price decreased from $75.90 to $75.10 during the period under review.OPEC and non-OPEC members also decided not to increase oil production cuts during their last meeting.
Unexpected increases in the oil inventories, production cuts announced in April, affected demand. The collapse of another US bank – First Republic Bank – and concerns about the US debt ceiling also played a role in the oil price.said the average international prices of petrol, diesel and illuminating paraffin increased during the period under review. However, the price of LPG decreased.
“The movement in product prices has led to higher contributions to the Basic Fuel Price of petrol 95ULP by 2.66 c/l, diesel 500ppm and 50ppm by 37.08 c/l and 31.33 c/l respectively, while the contribution to illuminating paraffin was 15.76 c/l.”The stronger rand affected petrol and illuminating paraffin prices positively, the department said, resulting in an overall decrease in those prices.
“The rand appreciated, on average, against the US dollar during the period under review when compared to the previous one.”It also said there is no additional to the slate levy, which would have increased the price for petrol and diesel. “As at the end of May 2023, the cumulative slate amounted to a positive balance for petrol and diesel of R2.7 million. In line with the provisions of the self-adjusting slate levy mechanism, there is no applicable slate levy to the price structures of petrol and diesel for July 2023.”
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