February 24, 2024
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OIL & GAS RENEWABLE ENERGY

South African Farmer’s Rejoice as Petrol and Diesel Prices Experience Significant Drop

Farmers and owners of agribusinesses in South Africa will benefit from the substantial drop in the prices of diesel and petroleum.

In the year 2023, the agricultural sector, suffered due to the rise in the price of petrol and diesel. Not just in terms of transportation, but they also need fuel to power their generators.

However, the prices of petroleum in the country decreased on Wednesday. The petrol (93 ULP and LRP) price dropped by 62c/ℓ, while 95 ULP and LRP dropped by 76c/ℓ. The diesel price was cut by 118,32/ℓ (0,05% Sulphur) and 126,32/ℓ (0,005% Sulphur). The wholesale price of illuminating paraffin fell by 93c/ℓ. The maximum LP gas retail price, however, increased by 11c/kg.

International prices are said to have stabilized according to Automobile Association (AA). This is because some major shippers have resumed passage through the red sea, following attacks by rebels from Yemen, which had earlier pushed oil prices higher.

“Although we are expecting fuel to be cheaper in January, we remain concerned about the overall high prices that impact all consumers. Despite the recent decreases, petrol prices will still be higher than they were in January 2023, while diesel prices will be marginally lower than a year ago. We must see all of this in the context of consumers who are still recovering from steep fuel price hikes in September and October,” the AA said.

“For this reason, a sustainable solution to mitigating rising fuel costs is still necessary, and until that solution is found, citizens will be at the mercy of fuel price hikes. We again call on government to urgently initiate a transparent review of the fuel pricing structure to seek this solution,” the association said.

 

 

 

 

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