JOHANNESBURG, Aug. 3– South Africa will cut petrol prices but raise diesel prices from Wednesday due to changes in international oil markets and the rand-U.S. dollar exchange rate, the government announced Monday.
The prices of both petrol grades will decrease by 52 cents (about 3.2 U.S. cents) per liter. The price of diesel with a sulphur content of 0.005 percent will increase by 123.44 cents per liter, while diesel with a sulphur content of 0.05 percent will rise by 138.44 cents per liter, according to the Department of Mineral and Petroleum Resources.
The wholesale price of illuminating paraffin will increase by 152 cents per liter. The maximum retail price of liquefied petroleum gas will decrease by 441 cents per kg, and by 503 cents per kg in the Western Cape Province.
South Africa adjusts its fuel prices monthly based on international and local factors. The country imports both crude oil and finished petroleum products at prices set in international markets, including importation costs such as shipping, the department said.
The average Brent crude oil price declined from 86.53 U.S. dollars to 82.37 dollars per barrel during the review period, contributing to the decrease in petrol prices.
International diesel and illuminating paraffin prices, however, increased due to supply shortages caused by the Russia-Ukraine conflict and Middle East refineries operating below capacity, the department said.
The South African rand also depreciated slightly against the U.S. dollar during the review period, adding upward pressure to domestic fuel prices. (Namibia Daily News / Xinhua)
