Official fuel prices for August: here’s what you’ll pay for petrol and diesel from Wednesday

The August fuel price adjustment brings a mixed bag for consumers, with relief on the petrol price front, but those with diesel vehicles will be hit with a significant increase.

The Minister of Mineral and Petroleum Resources has announced that as from Wednesday, August 6, both grades of petrol will decrease by 28 cents, while diesel will go up by between 63 cents (50ppm) and 65 cents (500ppm).

In the case of petrol, 95 Unleaded will now cost R20.80 at the coast and R21.59 in Gauteng, where the slightly less expensive 93 ULP is expected to retail for R21.51. The wholesale price of 50ppm diesel is predicted to reach R19.28 at the coast and R20.04 inland.

What’s behind the fuel price adjustments?

International product price movements are the driving force behind the August price adjustments, while a slightly stronger South African rand provided relief to the tune of around five cents.

According to the Department of Mineral Resources and Energy (DMRE), the average Brent Crude oil price decreased slightly from US$69.36 to $69.06 during the period under review. Oil prices held steady due to oil cartel OPEC's decision to increase production as well as lingering uncertainty surrounding US trade tariffs, stoking fears of slower global economic growth, which could lower demand for oil.

It’s not unusual for diesel prices to rise during the winter and summer months, due to international demand patterns. However, the current diesel price spike is primarily caused by low stocks in the US as well as unplanned refinery shutdowns and closures of refineries in the European Union, all of which have resulted in tighter supplies, the DMRE said.

Following the August price adjustment, 50ppm diesel will be around 60 cents more expensive than it was at the beginning of this year.

95 Unleaded petrol, on the other hand, will be priced identically to its January 2025 level of R20.80.

Both petrol and diesel have seen two increases and four decreases this year.

IOL Motoring

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