September 2024 Fuel Price - Relief for Consumers
| Fuel | Change |
| Petrol 93 | decrease of 92 cents per litre |
| Petrol 95 | decrease of 92 cents per litre |
| Diesel 0.05% (wholesale) | decrease of 79 cents per litre |
| Diesel 0.005% (wholesale) | decrease of 105 cents per litre |
| Illuminating Paraffin | decrease of 103 cents per litre |
| LPGAS | decrease of 10 cents per kg |
During the review period, the average Brent Crude oil price dropped from 83.55 USD to 78.54 USD per barrel. Key factors influencing this decrease include increased production by major oil-producing nations despite concerns about lower demand, along with anticipated interest rate cuts by the US Federal Reserve.
International petroleum product prices also declined on average, aligning with the lower crude oil prices. This led to reduced contributions to the Basic Fuel Prices of petrol by 85.59 c/l and 78.40 c/l, diesel by 93.55 c/l and 67.63 c/l, and illuminating paraffin by 91.86 c/l, respectively.
The Rand appreciated against the US Dollar, improving from an average of 18.23 to 18.05 Rand per USD during the review period compared to the previous one. This appreciation contributed to a reduction of over 10.00 cents per litre in the Basic Fuel Prices of all products.
At the end of July 2024, the cumulative slate reflected a positive balance of R2.13 billion for petrol and diesel. In accordance with the Self-Adjusting Slate Levy Mechanism, a slate levy of zero cents per litre will remain in the price structures of petrol and diesel effective from 4 September 2024.
Additionally, the Minister of Mineral Resources and Energy has approved a 5.3 c/l increase in the price structures of petrol to accommodate wage increases for Forecourt employees as per the Motor Industry Bargaining Council (MIBCO) Agreement. This adjustment will be implemented from 4 September 2024.
Here’s how the price changes will appear at the pumps (Note: Diesel prices are wholesale; pump prices may vary):
| Inland | August Official | September Official |
| 93 Petrol | R22.71 | R21.79 |
| 95 Petrol | R23.11 | R22.19 |
| Diesel 0.05% (wholesale) | R20.38 | R19.59 |
| Diesel 0.005% (wholesale) | R20.74 | R19.69 |
| Illuminating Paraffin | R14.80 | R13.77 |
| LPGAS (per kg) | R35.95 | R35.85 |
| Coastal | August Official | September Official |
| 93 Petrol | R21.92 | R21.00 |
| 95 Petrol | R22.32 | R21.40 |
| Diesel 0.05% (wholesale) | R19.59 | R18.80 |
| Diesel 0.005% (wholesale) | R19.98 | R18.93 |
| Illuminating Paraffin | R13.80 | R12.77 |
| LPGAS (per kg) | R32.99 | R32.89 |
Fuel Price Affects Consumers under Debt Review
The newest decrease in fuel prices brings some financial relief to consumers under debt review. Lower fuel costs can reduce monthly expenses, allowing individuals to allocate more funds towards settling their debt.
This extra cash flow can help speed up the repayment process, potentially shortening the duration of debt review.
Additionally, with lower transportation costs, consumers may find it easier to meet their basic needs, reducing financial stress. However, it's essential for those in debt review to remain disciplined, using this opportunity to strengthen their financial position rather than increasing discretionary spending.