File picture: Neil Baynes, Independent Media

Cape Town – The pump price of petrol 95 octane and 93 octane will drop 69c/l with effect from March 2, the energy department said.

The wholesale price of diesel, 0.05 percent sulphur and 0.005 percent sulphur, would increase by 15c/l and 14c/l respectively, the department said in a statement.

The wholesale price of illuminating paraffin would increase by 17c/l and the single maximum national retail price (SMNRP) would increase by 23c/l. The maximum retail price of liquid petroleum gas (LPGas) would decrease by 120c/kg.

“The average international product prices of petrol decreased while diesel and illuminating paraffin increased during the period under review,” the department said.

The crude oil price increased on average compared to the previous pricing period mainly due to rumours that the Organisation of Petroleum Exporting Countries (OPEC) might cut production.

The rand strengthened against the US dollar, on average, when compared to the previous period, it said.