September's official fuel prices are in: R1+ price drop for diesel drivers confirmed

It’s official, folks. South Africa’s petrol and diesel prices will see yet another price drop come the morning of Wednesday, 4 September, marking the fifth such fuel price drop in 2024.

The news comes after Stuff spent the month of August following the Central Energy Fund’s (CEF) promising predictions, which foresaw relief for both petrol and diesel drivers and even those buyers of illuminating paraffin across South Africa.

Fortunately, Stuff can confirm that the Department’s official adjustments are an even prettier sight than the one the CEF predicted just a few short days ago. Yup, diesel drivers will be paying up to R1+ less per litre at the pumps, while petrol drivers will be more than happy with the 90C+ drop awaiting them.

Good news, everyone!

Hold your horses, readers. There’s no use in rushing off to the nearest garage just yet. You’ll need to wait until the morning of Wednesday, 4 September before you can make use of the Department of Mineral Resource and Energy’s official fuel prices. Why? Because that’s just how it is. Is this your first time here?

If that’s the case, it’s worth knowing how the Department of Mineral Resources and Energy arrives at its decision at the end of any given month. The country’s petrol and fuel price is determined through several economic factors, such as the price of refined oil globally, and the average Rand/US Dollar exchange rate throughout the month.

Thanks to a strengthening Rand throughout August and a mostly stable price of Brent Crude Oil internationally, the Department has seen fit to offer the country yet another fuel price drop – the fifth such consecutive drop for South African motorists.

The CEF, a state-owned energy company reporting to the Department, keeps an eye on these factors throughout the month, directly informing the Department’s decision before the first Wednesday of a new month. However, it cannot offer predictions for the Self-Adjusting Slate Levy Mechanism, which “will remain at 0.00 c/l with effect from 04 September 2024.” That’s good news if it wasn’t already obvious.