Petrol (both 93 ULP and LRP) will go down by 4 cents per litre on Wednesday January 1, Minister of Mineral Resources and Energy Gwede Mantashe announced on Saturday.

Petrol (both 95 ULP and LRP) will go down 14 cents per litre.

Diesel (both 0.05% sulphur and 0.005% sulphur) will increase by 9 cents per litre.

As from January 1, 95 ULP will cost R16.16 in Gauteng and R15.52 at the coast, while diesel will cost R14.62 in Gauteng and R14.08 at the coast.

Illuminating Paraffin (wholesale) will increase by 5 cents per litre, while the maximum LPGas retail price will decrease by 24 cents per kilogram.

The fuel price schedule for the different zones in the country will be published on Tuesday, December 31 2019.

The main reason for the fuel price changes, according to a statement by the Department of Energy, is that the average Brent Crude oil price increased from $63 to $66.71 per barrel during the period under review. The Crude oil prices increased following signals of the extension of OPEC production cut into mid-2020, and signs of a new round of trade talks between China and the United State of America.

Furthermore, the rand appreciated, on average, against the US dollar (from R14.80 to R14.47) during the period under review when compared to the previous one.

South Africa’s fuel prices are adjusted on a monthly basis, informed by international and local factors. International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs, for instance shipping costs.