South Africa to see significant drop in fuel prices in October

South Africa is set to receive some much-needed relief at the fuel pumps, with the Department of Mineral Resources and Energy announcing significant price reductions set to take effect on October 1.

Minister Gwede Mantashe revealed that a combination of favourable local and international conditions has led to the decrease in fuel prices.

One of the major factors contributing to the price reduction is the decline in crude oil prices, with the average Brent Crude price falling from $78.54 to $72.82 per barrel.

This drop is attributed to increased output from leading oil-producing nations, despite concerns about lower demand.

Additionally, international petroleum product prices have decreased in line with the drop in oil prices, leading to lower Basic Fuel Prices.

The strengthening of the Rand against the US Dollar has also played a role in lowering Basic Fuel Prices by more than 21 cents per liter.

The adjustments for various fuel types are as follows:

• Petrol 93: Down by 106 cents per liter

• Petrol 95: Down by 114 cents per liter

• Diesel (0.05% sulphur): Down by 114 cents per liter

• Diesel (0.005% sulphur): Down by 112 cents per liter

• Illuminating Paraffin (wholesale): Down by 111 cents per liter

These reductions mark the fifth consecutive month of falling fuel prices in South Africa, providing much-needed relief to drivers who have been struggling with rising fuel expenses.

This announcement is sure to be welcomed by many South Africans, as they can look forward to saving money at the pump in the coming month.