Official petrol and diesel price decreases announced for Wednesday, March 5

South Africans can look forward to some fuel price relief from Wednesday, March 5, although the decreases announced for both petrol and diesel are relatively minor.

The Department of Mineral Resources and Energy (DMRE) has announced a seven cent decrease for both grades of petrol, while diesel is set to go down by between 17.5 cents (500ppm) and 23.5 cents (50ppm).

Following the price cuts, a litre of 95 Unleaded will cost R21.55 at the coast and R22.34 inland, where 93 ULP will cost R22.09. The wholesale price of 50ppm diesel will be listed at R19.47 at the coast and R20.23 inland.

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This month’s relatively modest price movements follow petrol price hikes of 82 cents in February, 12 to 19 cents in January, 17 cents in December and 25 cents in November. Diesel rose by between R1.01 and R1.05 last month.

While the international product prices of petrol increased during the most recent review period, the rand appreciated from an average of R18.73 to the US dollar in the previous review period to R18.50. International diesel prices receded slightly last month, leading to a larger decrease than that of petrol.

The self-adjusting Slate Levy remains at zero cents per litre on both petrol and diesel, thus having no effect on the March price adjustments.

Brent crude oil traded between $77 (R1,435) and $72 during the previous review period, and at the time of writing on March 4, it had retreated to $70.90, boding well for April's fuel price outlook. This week's softer oil prices are in line with a general drop in global stocks as a trade war brews in the wake of Donald Trump's imposition of 25% tariffs on Mexico and Canada as well as increased levies against China, which has been met with retaliatory measures.

ALSO READ: Global stocks fall, trade wars intensify as US tariffs take force

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