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Four year low - fuel price relief driven by rand strength

Feb 03, 2026 Department of Mineral and Petroleum Resources, (DMPR), Henry van der Merwe, South African Petroleum Retailers Association, (SAPRA),


Four year low - fuel price relief driven by rand strength

 

South Africa’s motorists and fuel users will again see meaningful reductions at the pump this week, with new fuel prices taking effect on Wednesday, 4 February 2026. The Department of Mineral and Petroleum Resources (DMPR) has confirmed that both 93 and 95 petrol grades will fall by 65 cents per litre at retail, while diesel prices will decrease by 50 cents (0,05% sulphur) and 57 cents (0,005% sulphur) per litre respectively.

Illuminating paraffin will also move lower, while the maximum retail price for LPG will increase by 31 cents per kilogram.

 

This continues a trend of downward adjustments over recent months, with petrol now sitting at levels not seen since early 2022 when fuel prices were last comparably low.

 

Detailed Fuel adjustments – Effective 4 February

 

Petrol - 93 ULP & LRP  =  65.00 cents per litre decrease in retail price.

Petrol - 95 ULP & LRP. =. 65.00 cents per litre decrease in retail price.

Diesel - 0,05% Sulphur Content. =. 50.00 cents per litre decrease in wholesale price.

Diesel - 0,005% Sulphur Content. =. 57.00 cents per litre decrease in wholesale price.

Illuminating paraffin. =. 53.00 cents per litre decrease in wholesale price.

70.00 cents per litre decrease in Single Maximum National Retail Price (SMNRP)

 

Industry analysts and media reports point to the South African rand’s recent appreciation against the US dollar as a key driver of the relief. The local currency strengthened significantly during the review period narrowing the cost impact of imported crude oil and effectively offset upward pressure from global crude price movements.

 

Henry van der Merwe, Chairman of the South African Petroleum Retailers Association (SAPRA), a proud association of the Retail Motor Industry Organisation (RMI), says the latest adjustments reflect the powerful influence of currency markets on domestic fuel costs. “While consumers are seeing welcome downward movement at the pumps, the primary factor underpinning this change is the rand’s recent gains,” says van der Merwe. “Because South Africa imports both crude oil and refined products, a stronger local currency directly reduces the rand cost of those dollar-priced commodities. That effect has been significant this month and is the main reason we’re seeing petrol at its lowest in nearly four years.”

 

Van der Merwe also highlighted the interplay between global oil market conditions and local pricing. “Crude oil prices have been volatile, with periodic upticks in international markets,” he says. “That volatility could have pushed fuel prices higher, but the rand’s improvement against the dollar has offset much of that upward pressure. Despite this relief, global uncertainties, including geopolitical risks affecting oil supply, remain important factors that could influence future fuel pricing.” He added that while lower prices offer short-term relief for consumers and businesses, sustainable fuel retailing still depends on policy certainty and support for the downstream sector.

 

“Fuel retailers operate with thin margins, and while price reductions are welcome for end users, the cost of doing business locally - from compliance and infrastructure costs to security and electricity - continues to present challenges,” van der Merwe notes. SAPRA welcomes the latest adjustments as positive for consumers and the broader economy, but stresses the importance of balanced and predictable pricing frameworks that benefit both motorists and the retail sector.

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