South Africa Welcomes Significant Fuel Price Drops for 2024

  • Fuel Price Reductions: The Department of Mineral Resources and Energy announced substantial cuts in petrol and diesel prices for January 2024 in South Africa, with decreases ranging from 62 to 126 cents per litre. These reductions aim to alleviate financial burdens on motorists across the nation.
  • Factors Driving Price Changes: The price adjustments are primarily attributed to the decrease in international product prices for petrol, diesel, and illuminating paraffin. However, the Rand's depreciation against the US Dollar moderated the overall benefits, resulting in slight increases in Basic Fuel Prices.
  • Economic Impact and Relief: The significant drop in fuel prices is anticipated to provide relief to consumers and businesses, potentially boosting spending capacities, reducing transportation costs, and fostering economic activity in various sectors across South Africa. These adjustments signal a promising start to the new year, offering a financial respite amidst economic fluctuations.
Fuel Price Drops

As South Africa ushers in the new year, the Department of Mineral Resources and Energy recently released the official fuel price adjustments for January 2024. The announcement brings an optimistic start for motorists, with substantial cuts anticipated for both petrol and diesel across the nation.

Effective from Wednesday, 3rd January 2024, motorists can expect noteworthy reductions at fuel pumps. The updated figures indicate a decrease of 62 to 76 cents per litre for petrol, while diesel is set to drop between 118 and 126 cents per litre.

The breakdown of the fuel price adjustments is as follows:

  • Petrol 93: Decrease of 62 cents per litre
  • Petrol 95: Decrease of 76 cents per litre
  • Diesel 0.05% (wholesale): Decrease of 118 cents per litre
  • Diesel 0.005% (wholesale): Decrease of 126 cents per litre
  • Illuminating Paraffin: Decrease of 93 cents per litre
  • LPGAS: Increase of 11 cents per kg

This positive shift in fuel prices aligns with the declining trend observed in international product prices for petrol, diesel, and illuminating paraffin during the review period. However, the Rand’s depreciation against the US Dollar, on average, has tempered some of these benefits.

The average Rand/US Dollar exchange rate from December 1st, 2023, to December 27th, 2023, stood at 18.6608 compared to 18.5756 in the previous period. Consequently, there’s been a marginal increase in the Basic Fuel Prices for petrol, diesel, and illuminating paraffin by 5.30 c/l, 5.83 c/l, and 6.00 c/l, respectively.

As part of the Self-Adjusting Slate Levy Mechanism, a Slate Levy adjustment of -26.32 c/l (0.00 c/l) will be integrated into the price structures of petrol and diesel, effective from January 3rd, 2024.

These fuel price adjustments will reflect differently at the pumps. Below is a comparison between December’s official prices and the revised figures for January (Note: Diesel prices reflect wholesale; pump prices may vary):


  • 93 Petrol: December Official – R22.79; January Official – R22.17
  • 95 Petrol: December Official – R23.25; January Official – R22.49
  • Diesel 0.05% (wholesale): December Official – R21.82; January Official – R20.63
  • Diesel 0.005% (wholesale): December Official – R21.99; January Official – R20.73
  • Illuminating Paraffin: December Official – R16.24; January Official – R15.31
  • LPGAS (per kg): December Official – R37.42; January Official – R37.53


  • 93 Petrol: December Official – R22.07; January Official – R21.45
  • 95 Petrol: December Official – R22.53; January Official – R21.77
  • Diesel 0.05% (wholesale): December Official – R21.09; January Official – R19.91
  • Diesel 0.005% (wholesale): December Official – R21.30; January Official – R20.04
  • Illuminating Paraffin: December Official – R15.31; January Official – R14.38
  • LPGAS (per kg): December Official – R34.46; January Official – R34.57

The substantial drop in fuel prices comes as a welcome relief for South African motorists, potentially alleviating the financial burden associated with transportation costs. These reductions might positively impact various sectors of the economy, contributing to improved affordability and spending capacities among consumers.

Moreover, these price adjustments are expected to stimulate economic activities by enabling businesses to operate with reduced operational costs, potentially fostering growth in the post-holiday period.

As South Africa navigates the economic landscape in 2024, these fuel price adjustments mark a promising start, encouraging optimism and offering some respite to citizens amid ongoing economic fluctuations.



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