With crude oil prices on the world market falling, South Africa has lowered its fuel costs at the pumps nationwide – with petrol and diesel prices reduced between 19 and 54 cents a litre on Wednesday.Announcing this, the Ministry of Mineral Resources and Energy said a 19-cent decrease in the price of 93 (ULP and LRP) and 95 (ULP and LRP) was in keeping with declining world oil prices due to the coronavirus outbreak.
The disease has forced the world’s second biggest economy China to slow down in its manufacturing output.
This has led to reduced demand for hydrocarbon fuels due to work stoppages in the world’s manufacturing houses that China hosts – leaving an oil glut on the market.
According to the ministry, both grades of diesel (0.05% sulphur) and diesel (0.005% sulphur) have come down by 54 cents a litre.
The price of illuminating paraffin (wholesale) has decreased by 68 cents per litre, while that of illuminating paraffin has gone down by 91 cents a litre, it said.
The maximum retail price for cooking gas has decreased by 32 cents per kilogramme, the ministry said.
The prices adjustment is the third consecutive drop in the petrol price since the start of the year.