Major Fuel Price Drop
South African motorists are set to experience a significant fuel price drop starting Wednesday. Both 95 and 93 octane unleaded petrol (ULP) will decrease by R1.24 per litre, while diesel prices will fall between R1.09 and R1.19 per litre.
Official Announcement
The Department of Mineral Resources and Energy confirmed these adjustments for June in a statement released on Tuesday. This reduction surpasses earlier predictions made in May, driven by lower average international product prices for petrol and diesel and a stronger rand against the dollar from April 26 to May 30, 2024.
Relief for Consumers
According to the Automobile Association (AA), these fuel price drops will provide much-needed relief to consumers who have faced rising costs since February. From midnight on June 5, the coastal price for 93 octane petrol will be R23.31 per litre, while 95 octane petrol will cost R24.25 per litre. Diesel 0.05% will be priced at R20.96, and diesel 0.005% at R21.15.
Continuing Financial Pressure
Despite the welcome relief, the AA noted that fuel prices are still higher than they were a few months ago, maintaining financial pressure on South Africans. High fuel prices and interest rates continue to impact those with debt significantly.
Call for Pricing Mechanism Review
The AA has renewed its call for a review of the fuel pricing mechanism to identify potential long-term solutions to mitigate rising fuel costs. “Consumers are struggling, and the government must find ways to address this issue,” the AA stated.
Additionally, the AA stressed the importance of collaboration between civil society organisations and the government to find solutions that benefit all citizens. “It is high time the government accepts this invitation for collaboration,” the AA added.
