Mineral and Petroleum Resources Minister Gwede Mantashe has confirmed that the price of petrol will decrease by 7c a litre from March 5, while diesel prices will decrease by between 17.5c and 23.5c a litre.
The average Brent crude oil price decreased from $77.41/bl to $74.89/bl during the January 31 to February 27 review period, on the back of continued lower global demand and oversupply from non-Organization of the Petroleum Exporting Countries producers.
The rand also appreciated to R18.50 to the dollar during the review period.
Further, the cumulative slate amounted to a positive balance of R2.29-billion for petrol and diesel at the end of January. In line with the provisions of the Self-Adjusting Slate Levy Mechanism, a slate levy remains unchanged at 0c a litre in the price structures of petrol and diesel with effect from March 5.
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