September is anticipated to provide some relief for the second month in a row for drivers who have been suffering from a string of gasoline price increases this year. The retail price of 95 octanes unleaded gasoline might be reduced by R2.63/l, the retail price of 93 octanes unleaded by R2.48, and the wholesale price of diesel could be reduced by up to R2.37 per liter, according to the most recent Central Energy Fund statistics.
This comes after both grades of gasoline saw price cuts of R1.32/l at the beginning of August, while the wholesale cost of high-sulfur diesel (0.05%) and low-sulfur diesel (0.005%) reduced by 88c and 91c, respectively. R1.44/l of illuminating paraffin was decreased.
The reductions occurred despite the reimposition of the full R1.50/l fuel tax at the beginning of August. In April and May, the government reduced the R1.50/l tax on gasoline and diesel fuel for two months. In June and July, the tax was modified to 75 cents a liter.
Every month on the first Wednesday, gasoline prices are modified. According to the department of natural resources and energy, the reductions were made possible by falling fuel costs elsewhere. After reaching a top of $123 earlier this year, the cost of Brent oil is currently at $100 per barrel. The value of the rand has also increased, reaching roughly R16.30 to the dollar from over R17 in July.
With petrol prices reaching a record high in July following a series of increases, it has been a costly year for drivers. The anticipated price decreases will lessen their financial burden. Gwede Mantashe, minister of mineral resources and energy, published a notice in the gazette on July 22 suggesting a price ceiling for 93 octane gasoline. This would let fuel merchants to lower prices, allowing drivers to compare costs as they do for diesel. Government regulation determines the retail price of gasoline, and any other price is forbidden. The general public has 30 days to respond to the notification.
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