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The Department of Mineral Resources and Energy recently confirmed the latest official fuel price adjustments that will take effect from midnight on Tuesday, 2 April 2024. According to The South African website, Petrol and Diesel Prices will be hiked, with the increase being almost double the previous estimates. Additionally, inland and coastal prices will see different increases or decreases for April. This increase in fuel prices is impacted by two main factors, which are the international price of petroleum products and the rand/dollar exchange rate.
The fluctuations in fuel prices are influenced by the international price of petroleum products, primarily driven by oil prices. At the time of publishing, the brent crude oil price stands at $86.33 per barrel. The rand/dollar exchange rate also plays a significant role in determining Petrol,Parafin and Diesel Prices in South Africa. Currently, the exchange rate is at R18.98 to the dollar. These two factors combined contribute to the final overall price changes for petrol and diesel, which will be confirmed in the following weeks.
In terms of the specific price adjustments for April 2024, the following changes will take effect from midnight on Tuesday, 2 April:
– Petrol 93 inland will see an increase of 65 cents, while coastal petrol 93 will increase by 58 cents.
– Petrol 95 will experience a price hike of 67 cents inland and 60 cents coastal.
– Diesel 0.05% will have a 3 cent increase inland but a 4 cent decrease coastal.
– Diesel 0.005% will see a 2 cent decrease inland and a 9 cent decrease coastal.
– Illuminating paraffin prices will decrease by 29 cents inland and 26 cents coastal.
– Inland April prices: Petrol 93 at R24.78, Petrol 95 at R25.12, Diesel 0.05% at R22.45, Diesel 0.005% at R22.60, and Illuminating Paraffin at R16.19.
– Coastal April prices: Petrol 93 at R23.99, Petrol 95 at R24.33, Diesel 0.05% at R21.66, Diesel 0.005% at R21.84, and Illuminating Paraffin at R15.19.
It is important to note that fuel prices have a direct impact on the cost of living for individuals and the operational costs of businesses. The increase in fuel prices can lead to inflationary pressures, affecting various sectors of the economy. Additionally, higher fuel prices can result in increased transportation costs, ultimately impacting the prices of goods and services.
The latest fuel price adjustments announced by the Department of Mineral Resources and Energy for April 2024 reflect the fluctuations in the international price of petroleum products and the rand/dollar exchange rate. These factors play a crucial role in determining fuel prices in South Africa and have implications for both consumers and businesses. As the new prices come into effect, individuals and businesses are advised to monitor their fuel consumption and adjust their budgets accordingly.
