“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 like shipping costs,” the department said.
“The rand on average has strengthened slightly against the US dollar from R14,3871 to R14,1401 per dollar. The settling of contagion risks from emerging markets provided a foundation for the rand's strengthening trend. This decreased the contribution on the basic fuel price of petrol, diesel and illuminating paraffin by about 13 cents a litre.”
It added that the average Brent Crude oil price increased from $66.03 to $70.82 per barrel during the period under review.