Latest news with #DepartmentofPetroleumandMineralResources
IOL News
02-07-2025
- Business
- IOL News
Latest fuel price hikes push South African consumers deeper into despair
As South Africans brace for another round of escalating living costs, the rising fuel prices serve as a harsh reminder of the ongoing economic struggles many face. With households forced to compromise on essentials, it begs the question: how much longer can consumers endure in this cycle of debt and despair? Image: Antoine de Ras / Independent Media. Hot on the heels of a modest petrol decrease in June, South African motorists now face a jarring reality as fuel prices surge again from 2 July 2025. The new rise, which pushes 95 Unleaded petrol to R21.87 per litre and 93 Unleaded to R21.79 (an increase of 55 and 52 cents respectively), leaves many consumers grappling with the spectre of financial instability. Diesel costs have similarly escalated, climbing by 82 to 84 cents per litre. The timing could not be worse; after a momentary sigh of relief, households find themselves back on the edge of despair, hoping for an escape from relentless financial pressures. The Department of Petroleum and Mineral Resources (DMRE) attributed this recent spike to geopolitical factors such as the ongoing Israeli-Iran conflict, which pushed Brent crude oil prices up by as much as 13%. While the rand has held up surprisingly well amid this turmoil, it is the consumer who bears the brunt of these developments. But amidst the exasperating energy landscape, the July financial calendar ushers in local municipal tax hikes, further tightening the noose on struggling South African households. Cities across the country are expected to impose price increases on essential services, including electricity, water, and sanitation, at rates surpassing inflation. Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ Estimates suggest that households could face bill increases as steep as 30% to 80%, particularly among those with lower consumption levels. This shift is a consequence of a new pricing structure being initiated by Eskom, aligning energy prices with supply costs and seeking to mitigate subsidies. The 2025 Energy Market Projections report, compiled by Cresco in collaboration with Standard Bank, painted a sobering picture for the future. Despite the temporary reprieve from load shedding, South Africa is perilously close to facing yet another energy crisis, foreshadowed by the potential decommissioning of Eskom's coal plants without adequate new energy generation capacity to fill the void. The alarm bells ring louder as the report indicates that without significant advancements in energy infrastructure, the country risks being unable to adequately support a growing economy. Neil Roets, CEO of Debt Rescue, highlighted the gravity of the situation. "With no end in sight to the volley of living cost increases, coupled with consumers already cutting back as much as they can, the latest fuel price increase will cut deeply into the little disposable income people still have left. Alongside the surging prices of electricity and municipal services, millions of households are teetering on the brink of financial catastrophe," Roets told Business Report. Furthermore, insights gleaned from the latest BankservAfrica Take-home Pay Index revealed a lingering stagnation within the labour market. The nominal average take-home pay plummeted to R17,296 in May 2025, a decline of 1.3% from April, marking the third consecutive month of decreased income. "While the upward trend in take-home pay from mid-2024 had provided optimism, recent months reflect a concerning downturn," independent economist Elize Kruger said, who pointed to a volatile economic environment compounded by persistent domestic challenges. The findings also underscore a spiralling consumer debt crisis. A recent Debt Rescue survey highlighted that half of the participants reported an inability to afford basic necessities such as food and fuel. Alarmingly, 50% of respondents admitted to relying on credit merely to secure everyday essentials over the past year. This distressing cycle reveals an increasingly common truth for many South Africans: survival is becoming a daily struggle. In response to this dire landscape, Roets urged those grappling with debt to seek help from registered debt counsellors, who can provide essential support in navigating their financial predicaments. "These professionals have successfully aided thousands of over-indebted consumers," he said. BUSINESS REPORT Visit:
The South African
02-07-2025
- Automotive
- The South African
Bad news for South Africa's motorists who HAVEN'T filled up
The Department of Petroleum and Mineral Resources confirmed the official fuel price adjustments for this month which took effect from midnight on Tuesday, 1 July. And the news was BAD for South Africa's motorists! Even worse if you didn't heed the advice to fill up before the clock struck midnight. Petrol rose by 55 cents per litre for 93 and 52 cents per litre for 95, and there was an increase of 82 cents per litre for 0.05% diesel and 84 cents per litre for 0.005% diesel. FUEL PRICE CHANGE Petrol 93 increase of 55 cents Petrol 95 increase of 52 cents Diesel 0.05% increase of 82 cents Diesel 0.005% increase of 84 cents Illuminating Paraffin increase of 67 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $67.15 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.69/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 5 August 2025. Go easy on the accelerator until then, Mzansi. INLAND June (old) July Petrol 93 R21.24 R21.79 Petrol 95 R21.35 R21.87 Diesel 0.05% R18.53 R19.35 Diesel 0.005% R18.57 R19.41 Illuminating Paraffin R12.49 R13.16 COASTAL June (old) July Petrol 93 R20.45 R21.00 Petrol 95 R20.52 R21.04 Diesel 0.05% R17.70 R18.52 Diesel 0.005% R17.81 R18.65 Illuminating Paraffin R11.47 R12.14 Fuel change – July 2025Download Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
01-07-2025
- Business
- The South African
Here is the official petrol price for July 2025
The Department of Petroleum and Mineral Resources has confirmed the official fuel price adjustments for this month which will take effect from midnight on Tuesday, 1 July. And the news is BAD for South Africa's motorists! Petrol will rise by 55 cents per litre for 93 and 52 cents per litre for 95, and there will be a increase of 82 cents per litre for 0.05% diesel and 84 cents per litre for 0.005% diesel. Fill up before the clock strikes midnight if you can! FUEL PRICE CHANGE Petrol 93 increase of 55 cents Petrol 95 increase of 52 cents Diesel 0.05% increase of 82 cents Diesel 0.005% increase of 84 cents Illuminating Paraffin increase of 67 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $66.69 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.59/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 5 August 2025. Go easy on the accelerator until then, Mzansi. INLAND June (old) July Petrol 93 R21.24 R21.79 Petrol 95 R21.35 R21.87 Diesel 0.05% R18.53 R19.35 Diesel 0.005% R18.57 R19.41 Illuminating Paraffin R12.49 R13.16 COASTAL June (old) July Petrol 93 R20.45 R21.00 Petrol 95 R20.56 R21.08 Diesel 0.05% R17.70 R18.52 Diesel 0.005% R17.81 R18.65 Illuminating Paraffin R11.47 R12.14 Fuel change – July 2025Download Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
04-06-2025
- Business
- The South African
REMINDER: Here's how much you'll pay for petrol at the pumps from TODAY
The Department of Petroleum and Mineral Resources has confirmed the official fuel price adjustments for June 2025. May saw volatility in the oil price and the strengthening of the rand against the dollar relative to April. This resulted in a slight over-recovery in fuel prices. However, a hike in the general fuel levy announced at Budget 3.0, undercut this by around 15 cents per litre . The net effect is that this translated to a small reduction in petrol prices in June – and a slightly bigger one for diesel. Petrol will be cut by 5 cents per litre for 93 and 95, and there will be a decrease of 37 cents per litre for diesel from Wednesday, 4 June . FUEL PRICE CHANGE Petrol 93 decrease of 5 cents Petrol 95 decrease of 25 cents Diesel 0.05% decrease of 37 cents Diesel 0.005% decrease of 37 cents Illuminating Paraffin decrease of 56 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $65.75 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.79/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 1 July 2025. Go easy on the accelerator until then, Mzansi. INLAND June Petrol 93 R21.24 Petrol 95 R21.35 Diesel 0.05% R18.53 Diesel 0.005% R18.57 Illuminating Paraffin R12.49 COASTAL June Petrol 93 R20.45 Petrol 95 R20.56 Diesel 0.05% R17.70 Diesel 0.005% R17.81 Illuminating Paraffin R11.47 Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
The South African
03-06-2025
- Business
- The South African
Here is the official petrol price for June 2025
The Department of Petroleum and Mineral Resources has confirmed the official fuel price adjustments for this month which will take effect from midnight on Tuesday, 3 June. May saw volatility in the oil price and the strengthening of the rand against the dollar relative to April. This resulted in a consistent over-recovery in fuel prices. However, a hike in the general fuel levy from the latest budget undercut this by around 15 cents per litre. This has translated to a small reduction in petrol prices in June. Petrol will be cut by 5 cents per litre for 93 and 95, and there will be a decrease of 37 cents per litre for diesel. FUEL PRICE CHANGE Petrol 93 decrease of 5 cents Petrol 95 decrease of 25 cents Diesel 0.05% decrease of 37 cents Diesel 0.005% decrease of 37 cents Illuminating Paraffin decrease of 56 cents FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS: 1. The international price of petroleum products, driven mainly by oil prices 2. The rand/dollar exchange rate used in the purchase of these products Oil price At the time of publishing the brent crude oil price is $65.15 a barrel. Exchange rate At the time of publishing the rand/dollar exchange rate is R17.88/$. The next price changes for both petrol and diesel will be confirmed early next month with the new prices taking effect at midnight on Tuesday, 1 July 2025. Go easy on the accelerator until then, Mzansi. INLAND June Petrol 93 R21.24 Petrol 95 R21.35 Diesel 0.05% R18.53 Diesel 0.005% R18.57 Illuminating Paraffin R12.49 COASTAL June Petrol 93 R20.45 Petrol 95 R20.56 Diesel 0.05% R17.70 Diesel 0.005% R17.81 Illuminating Paraffin R11.47 Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news.
