Petrol price

International Business News: NEW DELHI: Voluntary output cuts of more than a million barrels per day (bpd) by leading OPEC producers dashed hopes of an ...

For the Centre, flaring oil will fuel inflationary pressure on the economy. So for fuel consumers in India, the cuts could not have come at a worse time. described the move as a measure to ensure oil market stability. Clearly then, the latest production cuts will keep prices elevated, with most analysts suggesting $80-90 per barrel and some brokerages even rooting for $100. [Russia](https://timesofindia.indiatimes.com/topic/russia) [OPEC](https://timesofindia.indiatimes.com/topic/organisation-of-petroleum-exporting-countries)

The Saudi energy ministry said it will cut production by 500000 barrels per day on Sunday, part of a 1.15bn barrels per day reduction by key oil producers.

But prices rose further following Russia’s invasion which accelerated the global energy crisis as concerns grew over disruptions to supplies. But there is now a sense that clearly Opec+ and its members, whatever they say publicly, are looking to support a higher oil price than we might otherwise have had.” “We will probably get a $10 (per barrel) move in crude,” he added. [latest figures for March published by the Government](https://www.gov.uk/government/statistics/weekly-road-fuel-prices). Typically, pump prices rise by about 1p for every $2 barrel increase. Later on Monday morning it was trading at around $84. Saudi Arabia said it would cut production by 500,000 bpd on Sunday. [Figures from the AA](https://inews.co.uk/topic/fuel-prices?ico=in-line_link) for the start of the year show that unleaded prices fell from 148.8 per litre in January to 148.3 per litre in February, while diesel prices dropped from 171.1 per litre to 168.5 per litre. How could the reduction in oil production affect the price of petrol? The average price of unleaded petrol in the UK was 146.37 per litre, with diesel at 165.18 per litre, according to the [petrol prices](https://inews.co.uk/topic/fuel-prices?ico=in-line_link) and whether the cost at the pumps will go up in the UK as a result. [Saudi Arabia](https://inews.co.uk/topic/saudi-arabia?ico=in-line_link), Iraq and several Gulf states have announced they will slash oil production by up to 1.15 billion barrels per day (bpd) from May until the end of the year.

The cuts in oil output have immediately pushed prices higher and are expected to boost gas prices, adding to strains in many countries where high fuel ...

Russia is selling oil at a discount, with revenue sagging at the start of this year. It needs oil revenue to support its economy and state budget hit by wide-ranging sanctions from the US, European Union and other allies of Ukraine. In the US, fuel prices are highly dependent on crude, which makes up about half of the price per gallon. Part of the October cut of 2 million barrels per day was on paper only as some OPEC+ countries weren't able to produce their share. It adds to a cut of 2 million barrels per day that was announced in October. “It was a surprise to all, I think, watchers and the market followers,” he said.

The Indian basket was hovering in the range of USD 73-74 per barrel for most of the second half of last month and had brightened prospects of a cut in ...

Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62 a litre. This spurt will reverse the softening in rates witnessed in the basket of crude oil that India imports. “Public sector oil companies had been recouping losses they incurred for holding rates when crude oil prices shot through the roof.

OPEC and its allies' surprise move to slash oil production will soon be felt at US gas pumps.

The decline was partly driven by the release of oil from the [US Strategic Petroleum Reserve](https://www.cnn.com/2022/10/18/politics/strategic-petroleum-reserve-joe-biden/index.html), and partly by concerns that there could be a US or global recession that reduced the demand for gasoline. But a cut of 1 million barrels a day of oil by OPEC+ will not be easy to make up. The national average for US gas prices stood at $3.51, on Monday, according to AAA. The production cut announcement also had an immediate impact on gasoline futures, which will be passed onto US drivers much more quickly than the spike in oil prices. The news sent both Brent crude futures, the global oil benchmark, and WTI, the US benchmark, up about 6% in trading Monday. It certainly alters the calculus for a while.”

It comes after fuel prices hit record highs in 2022, with the Government slashing fuel taxes and public transport fares in March last year to respond to soaring ...

The Department of Mineral Resources and Energy has published the official fuel price adjustments for April 2023. The price adjustments for the month are ...

decrease of 138 cents per litre decrease of 125 cents per litre decrease of 82 cents per litre decrease of 93 cents per kilogram decrease of 75 cents per litre decrease of 92 cents per kilogram decrease of 81 cents per litre decrease of 74 cents per litre decrease of 5 cents per litre decrease of 8 cents per litre increase of 2 cents per litre decrease of 1 cent per litre

The diesel price will be cut by over 73c a litre on Wednesday, with a marginal 1c decrease in 93 petrol, and a 2c increase in 95.

A year ago, 95-octane petrol retailed for R21.60 in Gauteng. In recent days it has been steadying, getting a major lift following a bigger-than-expected rate hike last week Thursday. The price of a litre of 95 unleaded petrol will increase to R22.97 in Gauteng on Wednesday.

The department said 93 octane petrol will decrease by a scant 1 cent per litre from Wednesday, 5 April 2023, while 95 octane will increase by 2 cents per litre.

The slate levy applicable will be 17.54 c/l,” the department said. There was a lot of volatility in the market this period. “In line with the provisions of the self-adjusting slate levy mechanism, there is a decrease of 4.38 c/l in the slate levy which will be implemented into the price structures of petrol and diesel with effect from 5 April 2023. The Minister of Finance Enoch Godongwane in his Budget Speech on 22 February 2023 announced that the fuel levy and Road Accident Fund (RAF) levy on both petrol and diesel will remain the same at 394.00 c/l and 218 c/l respectively, with effect from 5 April 2023. [fuel price](https://www.citizen.co.za/tag/fuel-price/) adjustments are in the decrease of the Brent Crude price. The price of diesel (0.05% sulphur) decreases by 74 cents per litre while diesel with 0.005% sulphur decreases by 75 cents per litre.

The department of mineral resources and energy has announced sizeable price cuts for diesel in April, with minor petrol price increases or decreases, ...

- Diesel 0.005% - R20.26. Low-sulphur (0.005%) diesel decreases by 75c/l inland and 82c/l at the coast. Petrol prices are a mixed bag, with a 1c/l decrease for 93 octane inland and 8c/l at the coast. - Diesel 0.05% - R20.17; and - Diesel 0.005% - R20.97. - Diesel 0.05% - R20.89; and

The Automobile Association (AA) reported that diesel and illuminating paraffin would experience significant changes, with a decrease of approximately 78 cents ...

The AA noted that the petrol price has stabilised, with only slight variations anticipated for tomorrow, 5 April 2023. Also read:

The AA is predicting a decrease in the price of fuel, diesel and paraffin for April. According to the latest figures from the Central Energy Fund, the.

“The good news, though, is that if adjustments to zone differential costs and the slate levy are made, petrol prices are not likely to increase significantly, and diesel and illuminating paraffin prices are still set to come down. “The main driver behind the decreases is lower international product prices, while the higher average rand/US dollar exchange rate is counter-balancing these gains. Diesel is showing more notable decreases of around 78c/litre, while illuminating paraffin is set to fall by R1.39/litre.

The price of diesel is going down at midnight on Tuesday, while we can expect only a slight change in the cost of petrol.

Diesel (0.005% sulphur): 74.58 c/l decrease. Diesel (0.05% sulphur): 73.58 c/l decrease. Illuminating Paraffin (wholesale): 124.90 c/l decrease. Petrol (95 ULP & LRP): 2.00 c/l increase. "Petrol (93 ULP & LRP): 1.00 c/l decrease. "For instances, 3kgs of maize meal has gone up 26 percent.

Effective as of Wednesday 5 April, diesel users can expect to pay 73.58 cents and 74.58 cents less per litre of 0.05% sulphur and 0.005% sulphur diesel ...

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Mineral Resources and Energy Minister Gwede Mantashe has announced the adjustment of fuel prices based on current local and international factors, ...

This led to higher contributions to the basic fuel prices of petrol, diesel and IP. There was a lot of volatility in the market this period, he adds. Finance Minister Enoch Godongwana, in his Budget Speech in February, announced that the Fuel Levy and Road Accident Fund (RAF) Levy on both petrol and diesel would remain the same at 394c/ℓ and 218c/ℓ, respectively. Petrol (93 ULP & LRP) will decrease by 1c/ℓ, but petrol (95 ULP & LRP) will increase by 2c/ℓ, while diesel (0.05% sulphur) will decrease by 73.58c/ℓ and diesel (0.005% sulphur) by 74.58c/ℓ. Further, illuminating paraffin (IP) (wholesale) will decrease by 124.90c/ℓ and the single maximum national price for IP by 201c/ℓ. Mantashe says the main reasons for the fuel price adjustments are owing to the average brent crude oil price having decreased from $82.14 to $79.24 during the period under review.