The Minister of Mineral and Petroleum Resources has announced the adjustment of fuel prices based on current local and international factors, with effect from 1 July 2026.
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 international level, including importation costs such as shipping costs.
The main reasons for the fuel price adjustments are due to:
1. Crude oil prices
The average Brent Crude oil price decreased from 104.59 US Dollars (USD) to 86.53 USD during the period under review. This is due to the signing of the Memorandum of Understanding (MOU) between the US and Iran, which has improved the global supply outlook.
2. International petroleum product prices
The average international product prices followed the decreasing trend of crude oil during the period under review. These factors led to lower…
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