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Drop in fuel prices at midnight

SOME relief at the petrol pumps will be experienced by motorists in Nelson Mandela Bay from midnight, as the announced fuel price decreases comes into effect.

Below is a press release from the Department of Energy, detailing the fuel decrease:
All petroleum products prices will decrease with effect from Wednesday, September 2. The decrease in the prices of all the petroleum products is due mainly to the continued drop in the crude oil prices during the period under review. The price of Brent crude dropped to about $46.93 per barrel (on average) due mainly to global supply glut (oversupply).

Furthermore, the international prices for all petroleum products decreased on average during the period under review, following the drop in crude oil prices. The weakening Rand reduced the over recovery on the Basic Fuel Price by more than 20cpl. The Rand fell to above $13.00 during the current fuel price review period, as a result of lower prices for resources that account for more than half of exports.

Based on current local and international factors, the fuel prices for August 2015 in the South African market will be adjusted as follows:

• Petrol (Both 93 and 95) will decrease by 69.00 cents/litre
• Diesel (0.05% Sulphur) will decrease by 54.00 cents/ litre.
• Diesel (0.005% Sulphur) will decrease by 51. cents/ litre
• Illuminating paraffin (SMNRP) will decrease by 55.00 cents/litre.
• Illuminating paraffin (wholesale) will decrease by 74.00 cents/litre.
• Liquefied Petroleum Gas (LPG) will decrease by 115.00 cents/kilogram.