Minister Gwede Mantashe announces adjustment of fuel prices effective from 5 February 2025

The Minister of Mineral and Petroleum Resources announces the adjustment of fuel prices based on current local and international factors with effect from the 5th of February 2025.

South Africa’s fuel prices are adjusted monthly, 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, e.g., shipping costs.

The main reasons for the fuel price adjustments are due to:

1.    Crude oil prices

The average Brent Crude oil price increased from 72.78 US Dollars (USD) to 77.41 USD during the period under review. The main contributing factors increased demand due to cold weather in the Northern Hemisphere, anticipated increase in demand for oil from China following economic stimulation policies. On the other hand, supply was affected by OPEC+ decision to delay production increase until April 2025 as well as new sanctions against Russia and Iran which could further constrain supply and result in higher freight rates.

2.    International petroleum product prices

The average international petroleum product prices followed the increasing trend of crude oil while the prices of LPG increased because of higher freight cost amid the cold winter season in the Northern Hemisphere. These factors led to higher contributions to the Basic Fuel Prices of petrol, diesel and illuminating paraffin by 46.06 c/l, 66.26 c/l and 58.64 cents per litre (c/l) respectively.

3.    Rand/US Dollar exchange rate

The Rand depreciated on average, against the US Dollar (from 18.11 to 18.73 Rand per USD) during the period under review when compared to the previous one. This led to higher contributions to the Basic Fuel Prices of petrol, diesel and Illuminating Paraffin by 36.85 c/l, 39.58 c/l and 38.61 cents per litre (c/l) respectively.

4.    Implementation of the Slate Levy

The cumulative slate amounted to a positive balance of R4.05 billion for petrol and diesel of at the end of December 2024. In line with the provisions of the Self- Adjusting Slate Levy Mechanism, a slate levy remains unchanged at zero cents per litre in the price structures of petrol and diesel with effect from the 5th of February 2025.

Based on current local and international factors, the fuel prices for February 2025 will be adjusted as follows:

• Petrol 93 (ULP & LRP): Eighty-two cents per litre (82.00 c/l) increase.
• Petrol 95 (ULP &LRP): Eighty-two cents per litre (82.00 c/l) increase.
• Diesel (0.05% sulphur): One hundred and five cents per litre (105.00 c/l) increase.
• Diesel (0.005% sulphur): One hundred and one cents per litre (101.00 c/l) increase.
• Illuminating Paraffin (wholesale): Ninety-seven cents per litre (97.00 c/l) increase.
• SMNRP for IP: One hundred and twenty-nine cents per litre (129.00 c/l) increase.
• Maximum LPGas Retail Price: Forty-two cents per kilogram (42.c/kg) increase.

The fuel prices schedule for the different zones will be published on Tuesday, the 4th of February 2025.

Enquiries: 

E-mail: mediadesk@dmre.gov.za

Mr Johannes Mokobane 
E-mail: Johannes.mokobane@dmre.gov.za 
Cell: 082 766 3674 

Mr. Makhosonke Buthelezi
E-mail: Makhosonke.buthelezi@dmre.gov.za 
Cell: 0823595584 

Mr Natie Shabangu 
E-mail: natie.shabangu@dmre.gov.za 
Cell: 073 852 1922