Fuel price adjustments for August 2022 are confirmed and after a long bout of brutal increases, motorists will finally see fuel prices slashed.

Fuel prices in South Africa have ballooned in the first half of 2022 putting huge strain on household budgets while also having a negative impact on commodity prices.

At the halfway mark of July 2022, mid-month fuel price is indicated that the price of fuel would be slashed in August 2022. That indication came to fruition at the end of July following the announcment of fuel price cuts that would bring some relief to heavily over-burdeoned motorists.

Numerous factors impacted the reduction including the drop in the price of Brent Crude oil and petroleum productsduring the period under review andfalling demand for Brent Crude oil. However, the Rand weakened against the dollar during the same period which eroded the depth of the fuel price decrease. Furthermore, the government-imposed reduction of the General Fuel Levy (75c/l) is set to come to an end on 2 August 2022.

Fuel Price Decreases for August 2022

The fuel price adjustments will take effect on Wednesday, 3 August 2022.

Petrol (93 / 95 ULP and LRP) will decrease by R1.32 per litre.Diesel (0.05% sulphur) will decrease by 88 cents per litre.Diesel (0.005% sulphur will decrease by 91 cents per litre.Illuminating Paraffin will decrease by R1.44 per litre.

Earlier in July 2022, the Automobile Association (AA) notedthat despite the forecast decreases, fuel prices in South Africa remain high and that the previous sizable increases will still impact the economy in coming months.

“Decreases offer immediate relief but increases filter into the economy over time, especially as those sectors affected by them don’t immediately adjust their prices downward but instead wait for more consistent fuel cuts that lower their input costs. We stand by our call that a review of the fuel price structure, and an audit of the components that comprise the fuel price, is essential and long overdue to offer sustainable solutions that mitigate against rising fuel costs in the country,” said theAA.

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