Cape Town – The retail prices of both grades of petrol, the wholesale prices of both grades of diesel and illuminating paraffin and the maximum retail prices of LP gas will decrease with effect from Wednesday, 03 December 2014, the Department of Energy announced on Friday.

The retail price of 95-grade petrol will drop by 69 cents a litre, while the price of wholesale diesel will decrease by 53c, illuminating paraffin by 49c and LP gas by 21c.

Petrol will now cost R12.47 a litre at Gauteng and R12.06 at the coast. The wholesale diesel price will be R11.31.

Factors contributing to the fuel price changes include the continual drop in the crude oil prices, which fell to about $80 per barrel during the period under review – October 31 to November 27, 2014.

“Since mid-June, Brent oil prices have fallen by more than 30% with panic over abundant supplies in the world economy as a result of a rise in output from shale oil and other unconventional sources and a strong US dollar.

“The average prices on petroleum products followed that of crude oil during the period under review,” the department said, adding that the rand appreciated slightly during the period under review compared to the previous period.

Fuel price changes

Taking cognizance of the fuel price data, approved fuel margins, and the slate levy of zero cents per litre, the fuel price changes to be effected on December 3 are as follows:
• Petrol (both grades): 69c/l decrease
• Diesel (0.05% sulphur): 53.50c/l decrease
• Diesel (0.005% sulphur): 54.30c/l decrease
• IP wholesale: 49.30c/l decrease
• SMNRP for IP: 66.00c/l decrease
• Maximum LPGas Retail Price: 125.00 c/kg decrease