DA welcomes fuel price cuts as GNU strengthens economic recovery

1 October 2024

The DA welcomes the latest announcement of significant fuel price cuts, marking the fifth consecutive month of reductions. This decline in fuel prices, including decreases of up to 114 cents per litre for petrol and 112 cents per litre for diesel, comes as a result of the strengthening of the rand against the dollar.

These positive developments are a testament to the growing confidence in South Africa’s economy, and they reflect the tangible benefits of the Government of National Unity (GNU), which was formed on 17 June.

The improved political stability and centrist approach of the GNU have fundamentally strengthened South African assets, particularly the rand, which has gained around 6% in value since the formation of the new government.

This strengthened rand, now trading at its best levels since July 2023, has provided much-needed relief to South African motorists, who can expect continued reductions in fuel prices. The DA is encouraged by the promising signs of economic recovery, lower inflation, and the restoration of hope across the nation.

The DA remains committed to ensuring that this newfound momentum is not lost. We will continue to prioritise economic growth, job creation, and fiscal responsibility through our growth and jobs policy agenda. At the same time, we will stand firm against any forces that seek to undermine our Constitution or reverse the progress being made.

This is a time for optimism, and the DA will work tirelessly to ensure that South Africa’s economic recovery continues to gain strength under the GNU.

Issued by James Lorimer, DA Spokesperson on Mineral and Petroleum Resources, 1 October 2024