THE South African Department of Energy has announced that the price of petrol is set to decrease by 15 cents per litre in Gauteng, on May 7, 2014.
Diesel will decrease by 29.78 cents per litre, the department said.
South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors.
“The decrease in the prices of all the petroleum products is due to changes in international factors, namely, crude oil prices, the Rand/ Dollar exchange rate and the prices of finished products,” the department said.
“The Rand appreciated against the US Dollar from R10.76 to R10.55 during the period under review,” it said.
Locally, the price changes have been influenced by the reduction of the slate levy by 8.78 cents per litre, in line with the self-adjusting slate mechanism. A slate levy is the money that is collected from motorists to compensate the industry for cumulative under recovery.
The department said that Illuminating paraffin will decrease by 25.0 cents per litre, while Liquefied Petroleum Gas (LPG) will decrease by 4.0 cents per kilogramme.
“The decrease in the price of illuminating paraffin and LPG will benefit households that use these products, as winter approaches,” said Minister Dikobe Ben Martins. –– Businesstech