In a statement, the Department of Mineral Resources and Energy said this was due to concerns about lower-than-expected economic growth in China, which will affect fuel demand. In addition, oil inventories grew faster than expected, while concerns about the US debt ceiling – which could have triggered a debt default and market chaos – also weighed on the oil price.
The latest change brings the price of a litre of 95 unleaded petrol to R22.63 in Gauteng, compared to R24.17 a year before – and a record price of R26.74 in July last year. The wholesale diesel price is now R19.31 a litre in Gauteng. As recently as in November last year, diesel cost close to R25.50. Diesel is back to levels before the invasion of Ukraine caused a big spike in oil prices.In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
South Africa South Africa Latest News, South Africa South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Netflix, Disney, Amazon to challenge India's tobacco rules for streaming-sources | BusinessStreaming giants Netflix, Amazon and Disney on Friday privately discussed a possible legal challenge and other ways to stall India's new tobacco warning rules, amid fears they will need to edit millions of hours of existing web content, sources said.
Source: News24 - 🏆 4. / 80 Read more »
ESKOM LIVE | Stage 4 load shedding returns within hours of Eskom suspending power cuts | BusinessESKOM LIVE | Stage 4 load shedding returns within hours of Eskom suspending power cuts | News24_Business
Source: News24 - 🏆 4. / 80 Read more »
OPEC+ meets to discuss whether fresh oil-output cuts needed | BusinessOPEC oil ministers kicked off their meeting in Vienna on Saturday against an uncomfortable backdrop: uncertain demand, volatile oil prices and questions about whether their Russian allies are sticking to their side of the bargain. | News24_Business
Source: News24 - 🏆 4. / 80 Read more »
Atteridgeville 'lioness' turns her side hustle into thriving business | City PressBased in Sandton, Johannesburg, Alfa Destiny Communications employs 10 lively young people on a full-time basis. the business was started in earnest during the hard lockdown when Covid-19 hit our shores in 2020.
Source: City_Press - 🏆 7. / 72 Read more »
New EE targets cannot be used to fire or retrench staff, says leading law firm | BusinessLaw firm Werksmans says an employer cannot retrench or fire someone simply because they want to employ a person of a different race. | City_Press
Source: News24 - 🏆 4. / 80 Read more »