500ppm

-15.10

50ppm

-13.91

ULP95

-20.72

ULP93

-16.49

IP

-15.78

Friday, 28 September 2018 12:51

MEDIA STATEMENT: FUEL PRICES AUGUST 2018

MEDIA STATEMENT

MINISTER OF ENERGY, MR JEFF RADEBE, ANNOUNCES

ADJUSTMENT OF FUEL PRICES EFFECTIVE FROM

01 AUGUST 2018

The Minister of Energy, Mr. Jeff Radebe, announces the adjustment of fuel prices for August 2018 based on current local and international factors with effect from 01 August 2018.

South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, e.g. shipping costs.

The main reasons for the fuel price adjustments are due to

1)  The contribution of the Rand/US Dollar exchange rate

The Rand depreciated, on average, against the US Dollar (from 13.29 to 13.50 Rand per USD) during the period under review when compared to the previous one. This led to a higher contribution to the Basic Fuel Prices (BFP) on petrol, diesel and illuminating paraffin by just over 10.00c/l. The market continued to be worried about what the growing differences on trade between the USA and China will have on the global economy.

(2)  Import prices of Petroleum Products

The international prices of petroleum products decreased on average during the period under review. This was in line with the slightly lower crude oil prices. The prices of petrol increased in the international market due to demand in the Northern Hemisphere as they are in their summer (driving) season.

Media Statement – Fuel prices Adjustments for August 2018 Page 1

(3) The slight decrease in the prices crude oil

The average Brent Crude oil price decreased slightly from 74.26USD to 72.15USD per barrel during the period under review. The oil markets started falling since last week as OPEC and Russia increased production. The commitments from Russia and Saudi Arabia to increase production and improved supply from Libya continue to weigh on oil prices. Furthermore, reports that China will increase infrastructure spending helped to lessen fears that the U.S – China tensions will reduce the country’s demand for oil.

Based on current local and international factors, the fuel prices for August 2018 will be adjusted as follows:

  • Petrol (93 Octane, ULP and LRP): 1.00 c/l increase;
  • Petrol (95 Octane, ULP and LRP): 1.00 c/l increase;
  • Diesel (0.05% sulphur): 4.00 c/l decrease;
  • Diesel (0.005% sulphur): 4.00 c/l decrease;
  • Illuminating Paraffin (wholesale): 4.00 c/l increase;
  • SMNRP for IP: 5.00 c/l increase;
  • Maximum LPGas Retail Price: 17.00 c/kg increase

The fuel prices schedule for the different zones will be published on Tuesday, 31 July 2018.

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MEDIA STATEMENT - FOR RELEASE ON 31 AUGUST 2018

RELEASED BY CEF (SOC) LTD ON BEHALF OF THE DEPARTMENT OF ENERGY ENQUIRIES: MRS LERATO NTSOKO 082 459 2788 / MR J MOKOBANE 082 766 3674

1. PRICE CHANGES TO BE EFFECTED ON WEDNESDAY 05 SEPTEMBER 2018 IN GAUTENG (INCREASE) / DECREASE

Product:

  • Both Grades of Petrol 93 & 95 (ULP & LRP) = (5.00) cents per litre increase in retail price
  • Both Grades of Diesel 0.05% and 0.005% Sulphur = No change 
  • Illuminating Paraffin (Wholesale) = No change
  • Illuminating Paraffin (SMNRP) = No change
  • Maximum Retail Price for LPGAS = No change

2. TEMPORARY FUEL PRICE INTERVENTION MEASURE

The Minister of Energy approved the urgent temporary fuel price intervention measure, except for the increase in paragraph 4.

3. ECONOMIC FACTORS AFFECTING THE UNIT OVER/UNDER-RECOVERIES FOR THE PERIOD 27 JULY 2018 TO 30 AUGUST 2018

The average international product prices of Petrol and Diesel and Illuminating Paraffin increased during the period under review.

The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 27 July 2018 to 30 August 2018 was 13.9430 compared to 13.4713 during the previous period.

4. INCREASE IN THE RETAIL MARGIN APPLICABLE TO PETROL

The Minister of Energy has approved a retail margin increase of 4.9 c/l to be effected in the retail price structures of all octane grades of petrol with effect from 05 September 2018. This increase is necessary to accommodate the wage increases of pump attendants, cashiers and administrative staff at service stations.

5. SLATE LEVY

In line with the Self-Adjusting Slate Levy Mechanism Rules, the Slate levy on petrol and diesel will remain at 0.00 c/l with effect from 05 September 2018.

6. SINGLE MAXIMUM NATIONAL RETAIL PRICE FOR ILLUMINATING PARAFFIN (SMNRP)

The Single Maximum National Retail Price for the period 05 September 2018 to 02 October 2018 will remain unchanged compared to 1 233.0 c/l for the period 01 August 2018 to 04 September 2018.

7. MAXIMUM LPGAS REFINERY GATE PRICE

The maximum refinery gate price will be R 9 748.20 per metric ton (541.03 c/l), excluding VAT, for the period 05 September 2018 to 02 October 2018.

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