South Africa will change pump prices for several fuel types, effective Wednesday, the government said, citing a mix of domestic and international economic factors.
Minister of Mineral and Petroleum Resources Gwede Mantashe said in a statement on Monday that global crude prices remain under pressure from geopolitical tensions in the Middle East, including disruptions affecting the Strait of Hormuz.
During the review period ending in May, the average price of Brent Crude increased from about 101 U.S. dollars to 104.59 dollars per barrel.
According to the Department of Mineral and Petroleum Resources (DMPR), both 93 and 95 octane petrol will rise by 1.43 rand (about 0.09 U.S. dollars) per liter, while 0.05 percent sulphur diesel will fall by 3.24 rand per liter.
"Middle distillates, specifically diesel and illuminating paraffin, experienced larger declines than petrol because of lower seasonal demand as the Northern Hemisphere moves into summer. These market dynamics contributed to reductions in the Basic Fuel Price for diesel and illuminating paraffin," it said.
Wholesale illuminating paraffin will fall by 5.96 rand per liter. The maximum retail price of liquefied petroleum gas will be lowered by 0.17 rand per kg nationally and by 0.20 rand per kg in the Western Cape, with other provinces seeing different adjustments.
These prices will remain in force until the end of June. The DMPR reiterated that the government will continue to use available mechanisms to shield consumers from sharp, full-scale fuel price increases.
South Africa announces fuel price adjustments for June
South Africa announces fuel price adjustments for June
