JOHANNESBURG (Reuters) -South Africa will cut fuel prices across the country from Sept. 7, the government said on Monday, due to a raft of factors including fall in crude price and petroleum product prices.
According to the Ministry of Mineral Resources and Energy, the price of petrol will be slashed by up to 204 cents a litre to around 25.22 rand. The wholesale diesel price will decrease by up to 56.34 cents a litre to around 23.97 rand.
South Africa’s fuel prices are adjusted on a monthly basis as the country imports both crude oil and finished products at a price set at the international level, including importation costs. The price is also impacted by exchange rate.
Since the Ukraine war and its knock-on effects sent oil prices soaring, South Africa has seen several months of high fuel prices, taking a toll on the consumers and forcing the government of Africa’s most industrialised nation to implement measures to soothe its impact on consumers.
In May it extended a reduction of 1.5 rand a litre in the general fuel levy for a further month, but said it would be reduced to 75 cents a litre from July and then withdrawn in August.
However, the government said the price of petrol and diesel would include an increase in levy of 30.66 cents per litre.
(Reporting by Anait MiridzhanianEditing by Promit Mukherjee and Lisa Shumaker)
