The Central Energy Fund announced that the price of both 93- and 95-octane petrol would drop by R1,74/l. This price drop came into effect on Wednesday.
Diesel with a 0,05% sulphur content came down by R1,61/l and the higher grade by R1,56/l. The wholesale price of illuminating paraffin dropped by R2,23/l, with the retail equivalent coming down by R2,97/l.
“The average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review,” the Fund indicated in a statement, adding that the rand also firmed against the dollar.
International oil prices have been ravaged by the effects of the coronavirus on economies, with Brent crude down more than 62% since the start of the year. With many countries in lockdown, fuel demand is extremely low, adding to the pressure on prices.