October 2024 Petrol Price Changes In South Africa

In 2024, petrol prices in South Africa have experienced fluctuations influenced by various factors, including international oil prices and the rand/dollar exchange rate.

Here’s a summary of all the changes so far, to our petrol price in 2024.

Fuel Pricing Updates

  1. January 2024: Petrol prices decreased significantly. Petrol 93 dropped by 62 cents per litre, and Petrol 95 decreased by 76 cents per litre. Diesel prices also saw reductions, with 0.05% sulphur diesel decreasing by 118 cents per litre and 0.005% sulphur diesel by 126 cents per litre.
  2. May 2024: There was a mixed trend in fuel prices. Petrol prices increased, with Unleaded 93 rising by approximately 30 cents per litre and Unleaded 95 by 32 cents per litre. However, diesel prices saw a decrease, with 0.05% sulphur diesel dropping by 25 cents per litre and 0.005% sulphur diesel by 30 cents per litre.
  3. July 2024: There was a notable decrease in petrol prices. Petrol 93 saw a reduction of 105 cents per litre, and Petrol 95 decreased by 99 cents per litre. Diesel prices also dropped, with 0.05% sulphur diesel decreasing by 30 cents per litre and 0.005% sulphur diesel by 24 cents per litre.
  4. August 2024: South African motorists experienced decreased fuel prices across all grades. The changes, effective from August 7, 2024, were as follows: Petrol 93 (ULP & LRP): Decreased by 15 cents per litre. Petrol 95 (ULP & LRP): Decreased by 15 cents per litre. Diesel 0.05% Sulphur: Decreased by 28 cents per litre. Diesel 0.005% Sulphur: Decreased by 17 cents per litre. Illuminating Paraffin (wholesale): Decreased by 22 cents per litre. Liquid Petroleum Gas: Decreased by 13 cents per kilogram. These reductions were largely attributed to the appreciation of the Rand against the US Dollar during the review period, coupled with stable international oil prices
Petrol Price Update Graph Chart

The changes in fuel prices have been driven primarily by fluctuations in the international price of petroleum products and the exchange rate between the rand and the dollar.

These factors continue to influence the cost of fuel in the country, resulting in both increases and decreases throughout the year.

South Africa Fuel Prices 2024

Here’s the latest fuel prices in South Africa.

Month (2024)Petrol 93 (/litre)Petrol 95 (R/litre)Diesel 500ppm (R/litre)Diesel 50ppm (R/litre)
JanuaryR22.17R22.17R20.63R20.73
FebruaryR22.92R22.92R21.36R21.43
MarchR24.13R24.13R22.42R22.62
AprilR24.78R24.78R22.45R22.60
MayR25.15R25.15R22.15R22.24
JuneR23.91R23.91R20.96R21.15
JulyR22.86R22.86R20.66R20.91
AugustR22.71R23.11R20.38R20.74
SeptemberR22.71R23.11R20.38R20.74
OctoberR20.73R21.05R18.45R18.57

What Makes Up The Overall Fuel Price

The price of fuel in South Africa is made up of several components that contribute to the overall cost per litre.

Here are the main elements that constitute the price of fuel:

  1. Basic Fuel Price (BFP): This is the largest component and represents the cost of fuel at international markets, including transportation and insurance costs. It is influenced by global oil prices and the exchange rate between the rand and the dollar.
  2. Fuel Taxes and Levies:
    • General Fuel Levy (GFL): A government tax imposed on each litre of fuel.
    • Road Accident Fund (RAF) Levy: A levy used to finance the Road Accident Fund, which compensates victims of road accidents.
    • Customs and Excise Levy: A small tax imposed on fuel.
    • Demand Side Management Levy (DSML): Applied to 95 octane petrol in certain inland areas to manage demand.
  3. Wholesale and Retail Margins:
    • Wholesale Margin: The profit margin for wholesalers.
    • Retail Margin: The profit margin for retailers (fuel stations).
  4. Distribution and Storage Costs: Costs associated with transporting fuel from refineries to depots and then to retail stations, including pipeline tariffs, transport costs, and storage costs.
  5. Secondary Storage and Distribution Costs: These costs cover secondary storage facilities and distribution to various points of sale.
  6. Slate Levy: A levy to recover losses incurred by the oil industry when the Basic Fuel Price (BFP) is under-recovered.
  7. Other Costs:
    • Delivery Costs: Delivery to service stations.
    • Fuel Transport Costs: Costs for transporting fuel from refineries to inland areas.

Breakdown of Fuel Price Components (Illustrative Example)

ComponentPetrol (R/litre)
Basic Fuel Price (BFP)R10.00
General Fuel Levy (GFL)R3.86
Road Accident Fund (RAF) LevyR2.18
Wholesale and Retail MarginsR2.33
Distribution and Storage CostsR0.50
Secondary Storage and Distribution CostsR0.30
Slate LevyR0.10
Other Costs (incl. Transport)R0.20
TotalR19.47

These components add up to determine the final price at the pump that consumers pay. The actual values of each component may vary slightly based on specific monthly adjustments and policy changes.