₦airaland Forum

The South African government says it will slash the pump price of fuel from Wednesday.

Gwede Mantashe, South Africa’s minister of mineral resources and energy, said this in a statement on Saturday.

He said the price adjustment is aimed at easing the burden on consumers of soaring energy prices.

South Africa’s fuel prices are adjusted monthly, informed by international and local factors.

“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” Mantashe said.

According to the minister, the price of petrol will drop by ZAR 1.32 ($0.08) per litre — to ZAR 25.42 and ZAR 24.99 — for 95-octane and 93-octane petrol, respectively.

The price of diesel, used mainly by farmers, haulage vehicles and emergency power generators, will also be cut by 88 cents for high-sulphur diesel and 91 cents for lower sulphur diesel, he said.

Mantashe said the prices were adjusted due to less demand for crude oil due to recession concerns and a resurgence of COVID-19 in China.

He added that “the decision by OPEC and Non-OPEC members to increase oil production” was another contributory factor.

“The average international product prices of petrol, diesel, Illuminating Paraffin and LPG have decreased during the period under review. LPG prices have increased due to higher freight rates during the period under review,” he said.

“The movement in product prices has led to lower contributions to the Basic Fuel Price of petrol ULP 95 by 303.16 c/l, ULP 93 by 297.42 c/l, diesel 500ppm and 50ppm by 267.30 c/l and 271.15 c/l respectively, while the contribution to illuminating paraffin was 249.77 c/l.”


The minister said the depreciation of the rand also instigated the price reduction.

In June, the country’s inflation hit a 13-year high of 7.4 percent.



https://www.thecable.ng/south-africa-to-reduce-pump-prices-of-fuel-wednesday/amp

Meanwhile in Nigeria...President Buhari has decided until our suffering reach the maximum level the price of fuel must continue to go up.

To fully understand the mind of the President, you should know the following FACTs

= He kills his chicken by holding it by the head and spinning the neck for a few mins, then slamming it on the ground before cutting the neck.
= When Mr. President was a young soldier, he was bitten by a deadly snake and after 3 painful days the snake died.
= When He went for an ear operation, his heart was replaced with a pace maker, so he is literarily heartless, He hears and feels nothing

So if una suffering never reach Ultimate maximum level, the president will not notice you. Continue to Cry.

Good move...

This is a good one. Nigeria should follow suit.

senatorshegsy5:
This is a good one. Nigeria should follow suit.

The only thing Buhari and Tinubu APc thinks about is how to steal and make the masses suffer.

Anybody who still supports APc does so because of tribalism and Islamic Religion..

APc has been extravagant in failure.

This is a good development, reduction of price of fuel, while Nigeria is talking about increasing.

senatorshegsy5:
This is a good one. Nigeria should follow suit.

The name "Nigeria" shouldn't be mentioned in sensitive discussions.

GreenAgain:
The South African government says it will slash the pump price of fuel from Wednesday.

Gwede Mantashe, South Africa’s minister of mineral resources and energy, said this in a statement on Saturday.

He said the price adjustment is aimed at easing the burden on consumers of soaring energy prices.

South Africa’s fuel prices are adjusted monthly, informed by international and local factors.

“International factors include the fact that South Africa imports both crude oil and finished products at a price set at the international level, including importation costs,” Mantashe said.

According to the minister, the price of petrol will drop by ZAR 1.32 ($0.08) per litre — to ZAR 25.42 and ZAR 24.99 — for 95-octane and 93-octane petrol, respectively.

The price of diesel, used mainly by farmers, haulage vehicles and emergency power generators, will also be cut by 88 cents for high-sulphur diesel and 91 cents for lower sulphur diesel, he said.

Mantashe said the prices were adjusted due to less demand for crude oil due to recession concerns and a resurgence of COVID-19 in China.

He added that “the decision by OPEC and Non-OPEC members to increase oil production” was another contributory factor.

“The average international product prices of petrol, diesel, Illuminating Paraffin and LPG have decreased during the period under review. LPG prices have increased due to higher freight rates during the period under review,” he said.

“The movement in product prices has led to lower contributions to the Basic Fuel Price of petrol ULP 95 by 303.16 c/l, ULP 93 by 297.42 c/l, diesel 500ppm and 50ppm by 267.30 c/l and 271.15 c/l respectively, while the contribution to illuminating paraffin was 249.77 c/l.”


The minister said the depreciation of the rand also instigated the price reduction.

In June, the country’s inflation hit a 13-year high of 7.4 percent.



https://www.thecable.ng/south-africa-to-reduce-pump-prices-of-fuel-wednesday/amp

In essence, South Africa buys petrol at N625 per litre ( N1000/litre at black market rate).

1 rand is N25 cbn rate, N40 black market rate

lagbaja:
In essence, South Africa buys fuel at N625 per litre ( N1000/litre at black market rate).

1 rand is N25 cbn rate, N40 black market rate

Hope you can also help calculate their minimum wage and the fact that they are not even among largest oil producing country like us plus they are currently using above 40,000megawatts of electricity which means buying of fuel daily will only be restricted to folks who use vehicles unlike us over here that everyone in the country depends on fuel because we still struggle with less than 3,000megawatts of electricity.