South Africa's Diesel Price to Drop, Petrol Little Changed After Levy Cut

South Africa's diesel price will fall in November while petrol will be little changed after the government announced fuel-tax cuts in a mid-year budget review.

The wholesale diesel price will fall by up to 1.20 rand ($0.0722) a litre from November 4, while the regulated petrol price will decline by 1 cent a litre, the petroleum department said on Tuesday.

The finance minister announced the tax cuts last month, cutting the fuel levy by 3 rand per litre for diesel and 1.50 rand per litre for petrol from November 4 to December 1.

Smaller levy reductions will be in place until January 5, part of efforts to ease cost-of-living pressures on households and businesses.

The petroleum department said in a statement that higher crude oil and petroleum product prices and a weaker rand currency contributed to November's fuel price adjustments.

South Africa imports most of its fuel, leaving it vulnerable to fluctuations in global energy prices.