SA motorists left furious as new fuel prices don’t reflect at pumps

South Africa’s motorists were left fuming on Wednesday when expected petrol and diesel price decrease did not reflect at pumps around the country.

Fuel price changes are due to come into effect at midnight on the first Tuesday of every month.

However, those who held off on filling up their vehicles until today, arrived at petrol stations to find the ‘old’ prices still in effect.

Here’s why …

According to Eyewitness News (EWN), Reggie Sibiya, CEO of the Fuel Retailers Association, said: “The department (of Mineral Resources and Energy) did confirm that the information is correct, except that is has not yet been signed by the minister (of Mineral Resources and Energy)… and that press release had the effective date of the 3rd for the price decrease.”

The Minister of Mineral Resources and Energy is Gwede Mantashe.

Sibiya added that the Department of Mineral Resources and Energy issued another release confirming the price decrease would be effective from Thursday, 4 July.

However, Sibiya confirmed that that is still dependent on the minister’s signature.

“In essence, from a regulatory perspective, retailers cannot change the pump price until there is an official gazette.

“We are hopeful that he will prioritise it, but until we get that signed off… it would be irregular to change the price…”

Should the changes be signed off, these are the petrol and diesel decreases that motorists can expect.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $86.36 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.48/$.

THE NEW JULY 2024 PETROL AND DIESEL PRICES (INLAND AND COASTAL):