Fuel prices to fall from Wednesday

SOUTH Africa’s petrol price will dip by 9c a litre from Wednesday, while that of diesel will decrease by up to 31c, according to the Department of Mineral Resources and Energy.

In a statement dated Friday but sent to the media yesterday, the department said the retail price of illuminating paraffin, on which many South Africans still rely for cooking and lighting, would be 30c lower from May 5.

The retail cost of liquefied petroleum gas will drop by an even sharper margin of R1.72 a litre.

South Africa retrospectively adjusts fuel prices each month based on global oil prices and the rand exchange rate.

Price changes are adjusted in such a manner that the over- or underrecovery of procurement costs during the prior month is accounted for in the following month.