MEDIA STATEMENT - FOR RELEASE ON 02 FEBRUARY 2024

RELEASED BY CEF (SOC) LTD ON BEHALF OF THE DEPARTMENT OF MINERAL RESOURCES AND ENERGY
ENQUIRIES: MR E MULIBANA 082 263 7372 / MR J MOKOBANE 082 766 3674

1. PRICE CHANGES TO BE EFFECTED ON WEDNESDAY 07 FEBRUARY 2024 IN GAUTENG (INCREASE) / DECREASE

Product:
Both Grades of Petrol 93 & 95
(ULP & LRP) (75.00) cents per litre increase in retail price
Diesel 0.05% Sulphur (73.00) cents per litre increase in wholesale price
Diesel 0.005% Sulphur (70.00) cents per litre increase in wholesale price
Illuminating Paraffin (Wholesale) (53.00) cents per litre increase in wholesale price
Illuminating Paraffin (SMNRP) (71.00) cents per litre increase in the Single Maximum National Retail price (SMNRP)
Maximum Retail Price for LPGAS (37.00) cents per kilogram increase in the maximum retail price

2. ECONOMIC FACTORS AFFECTING THE UNIT OVER/UNDER-RECOVERIES FOR THE PERIOD 28 DECEMBER 2023 TO 01 FEBRUARY 2024

The average international product prices for Petrol, Diesel and Illuminating Paraffin increased during the period under review.
The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar
exchange rate for the period 28 December 2023 to 01 February 2024 was 18.7655 compared to 18.6608 during the previous period. This led to a higher contribution to
the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 6.86 c/l, 7.41 c/l and 7.54 c/l respectively.

3. SLATE LEVY
In line with the provisions of the Self-Adjusting Slate Levy Mechanism, the Slate Levy on petrol and diesel will remain at 0.00 c/l with effect from 07 February 2024.
4. SINGLE MAXIMUM NATIONAL RETAIL PRICE FOR ILLUMINATING PARAFFIN (SMNRP)
The Single Maximum National Retail Price for the period 07 February 2024 to 05 March 2024 will be 2 052.0 c/l compared to 1 981.0 c/l for the period 03 January 2024
to 06 February 2024.
5. MAXIMUM LPGAS REFINERY GATE PRICE

The maximum refinery gate price will be R 15 083.30 per metric ton (837.123 c/l), excluding VAT, for the period 07 February 2024 to 05 March 2024.

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6. PRICE ADJUSTMENT

In terms of the agreed mechanism:

(a) Price changes are adjusted in such a manner that the over- or under-recovery during the prior month will be corrected in the following month; and
(b) The unit over- or under-recoveries are rounded up or down to the nearest full cent so that the effect of rounding contributes to the clearing of the cumulative balance of
the individual products on the slate.
(c) In order to manage a negative balance in the Cumulative over/(under) recovery account (the Slate), a Self-Adjusting Slate Levy Mechanism (SLM) was implemented
with effect from 7 January 2009 and slate ranges adjusted with effected from 7 September 2022 (the SLM is available on the website of the Department of Energy). A
Slate levy will only be applicable on all petrol and diesel grades if the Slate balance is negative (cumulative under recovery) by more than R500.0 million.

7. ANALYSIS OF THE ELEMENTS THAT RESULTED IN THE BFP OVER/(UNDER)-RECOVERIES

The over/(under)-recoveries for the period under review were affected by the factors set out below, which can be quantified as follows:
Petrol Illuminating
95 ULP Diesel 0.05% Diesel 0.005% Paraffin
c/l c/l c/l c/l
Movements in external factors
Movement in International Product Prices ( 68.503) ( 66.022) ( 62.677) ( 46.169)
Movement in Exchange Rate ( 6.862) ( 7.411) ( 7.452) ( 7.544)
BFP Over/(under)-recovery for the period 28/12/2023 to
01/02/2024 ( 75.365) ( 73.433) ( 70.129) ( 53.713)

8. BREAKDOWN OF PRICE ADJUSTMENT

Illuminating LPGAS
Petrol 95 ULP & Diesel 0.05 (%) Diesel 0.005 (%) Paraffin (Gauteng,
LRP Sulphur Sulphur Wholesale Zone 9C)

The price adjustments in (1) above are based on the

following actual data:

Average product over/(under)-recovery, measured for the 26

days from 28/12/2023 to 01/02/2024 (cents / litre) as
detailed below ( 75.365) ( 73.433) ( 70.129) ( 53.713) -
Cumulative positive/(negative) slate balances end of
December 2023 (R-million) 366.468 770.650 770.650 218.731 -
The price adjustments consist of the following
elements: c/l c/l c/l c/l
Average product over/(under)-recovery rounded to the
nearest full cent for price (increase) / decrease (75.000) (73.000) (70.000) (53.000) (37.000)
Total price (increase) / decrease ( 75.000) ( 73.000) ( 70.000) ( 53.000) ( 37.000)

9. REPORT OF THE INDEPENDENT AUDITORS

The report of the independent auditors is available on request.

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10. COMPOSITION OF THE MAXIMUM RETAIL PRICES FOR LPGAS AT THE COAST (ZONE 1A)
AND IN THE INLAND AREA (ZONE 9C) IN CENTS PER KILOGRAM
FOR THE PERIOD 07/02/2024 TO 05/03/2024 WILL BE AS FOLLOWS:

Coast Inland
Price element Zone 1A Zone 9C

Maximum refinery gate price 1 508.330 1 508.330

Primary transport costs 59.822 283.575
Operating expenses 536.315 536.315
Working capital 40.653 40.653
Depreciation 218.290 218.290
Gross margin: Cylinder-filling plant 278.924 278.924
Sub-total (1) 2 642.335 2 866.087
Retail Margin: (15% of Subtotal (1)) 396.350 429.913
Sub-total (2) 3 038.685 3 296.000
Value Added Tax (15% Sub-total (2)) 455.803 494.400
Maximum Retail Price (Rounded to full cents) 3 494.000 3 790.000

11. The annexure attached contains details of the composition of product prices as well as history of the price changes.
ANNEXURE 1

COMPOSITION OF THE RETAIL PRICE OF PETROL AND THE

WHOLESALE PRICES FOR DIESEL AND IP IN GAUTENG
FOR THE PERIOD 07/02/2024 TO 05/03/2024 WILL BE AS FOLLOWS:

Petrol 95 Petrol 93 Illumi-

ULP ULP & LRP Diesel 0.05% S Diesel 0.005% S nating Paraffin
c/l c/l c/l c/l c/l
Wholesale margin 69.800 69.800 89.610 89.610 89.610
Secondary Storage 36.600 36.600 36.600 36.600 36.600
Secondary Distribution 17.200 17.200 17.200 17.200 17.200
Router Differential 0.000 0.000 0.000 0.000 7.400
Retail margin 285.700 285.700 0.000 0.000 0.000
Zone differential in Gauteng 75.700 75.700 75.700 75.700 96.000
IP Tracer levy 0.000 0.000 0.100 0.100 0.000
Fuel levy 395.000 395.000 381.000 381.000 0.000
Customs & excise duty 4.000 4.000 4.000 4.000 0.000
RAF levy 218.000 218.000 218.000 218.000 0.000
Petroleum Products levy 0.330 0.330 0.330 0.330 0.000
Slate levy 0.000 0.000 0.000 0.000 0.000
Pump Rounding ( 0.200) ( 0.200) 0.000 0.000 0.000
Sub-total 1 102.130 1 102.130 822.540 822.540 246.810
Contribution to the Basic Fuel
Price 1 221.870 1 189.870 1 313.630 1 320.030 1 337.128

Retail Price 2,324.00 2,292.00

Wholesale price 2,136.170 2,142.570 1,583.938

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 STATISTICS OF PRICE CHANGES

Petrol 95 ULP Diesel Illuminating Paraffin LPGAS

Gauteng Coast Gauteng Coast Gauteng Coast Gauteng Coast
Effective from: SA c/l SA c/l SA c/l SA c/l SA c/l SA c/l SA c/Kg SA c/Kg

05-Jan-22 1,961.00 1,889.00 1,724.680 1,663.180 1,096.688 1,014.788 3,500.00 3,259.00

02-Feb-22 2,014.00 1,942.00 1,804.520 1,743.020 1,197.688 1,115.788 3,376.00 3,134.00
02-Mar-22 2,160.00 2,088.00 1,948.880 1,887.380 1,318.688 1,236.788 3,446.00 3,204.00
06-Apr-22 2,196.00 2,124.00 2,101.440 2,039.940 1,584.688 1,502.788 3,696.00 3,454.00
04-May-22 2,184.00 2,109.00 2,199.440 2,134.240 1,664.288 1,585.088 3,765.00 3,523.00
01-Jun-22 2,417.00 2,352.00 2,309.440 2,244.240 1,820.288 1,741.088 3,714.00 3,472.00
06-Jul-22 2,674.00 2,609.00 2,540.440 2,475.240 1,986.288 1,907.088 3,496.00 3,255.00
03-Aug-22 2,542.00 2,477.00 2,452.440 2,387.240 1,842.288 1,763.088 3,553.00 3,311.00
07-Sep-22 2,338.00 2,273.00 2,396.100 2,330.900 1,760.288 1,681.088 3,388.00 3,146.00
05-Oct-22 2,236.00 2,171.00 2,406.100 2,340.900 1,699.288 1,620.088 3,407.00 3,166.00
02-Nov-22 2,287.00 2,222.00 2,548.960 2,483.760 1,776.288 1,697.088 3,309.00 3,068.00
07-Dec-22 2,346.00 2,281.00 2,391.770 2,326.570 1,718.958 1,639.758 3,404.00 3,146.00
04-Jan-23 2,140.00 2,075.00 2,122.870 2,057.670 1,525.958 1,446.758 3,486.00 3,227.00
01-Feb-23 2,168.00 2,103.00 2,132.030 2,066.830 1,583.958 1,504.758 3,346.00 3,087.00
01-Mar-23 2,295.00 2,230.00 2,162.410 2,097.210 1,596.958 1,517.758 3,868.00 3,610.00
05-Apr-23 2,297.00 2,225.00 2,088.830 2,016.630 1,472.058 1,379.558 3,776.00 3,517.00
03-May-23 2,334.00 2,262.00 2,015.290 1,943.090 1,439.058 1,346.558 3,332.00 3,073.00
07-Jun-23 2,263.00 2,191.00 1,931.290 1,859.090 1,396.058 1,303.558 3,407.00 3,148.00
05-Jul-23 2,246.00 2,174.00 1,949.290 1,877.090 1,392.058 1,299.558 3,111.00 2,853.00
02-Aug-23 2,283.00 2,211.00 2,021.290 1,949.090 1,463.058 1,370.558 2,950.00 2,691.00
06-Sep-23 2,454.00 2,382.00 2,305.290 2,233.090 1,741.058 1,648.558 3,176.00 2,917.00
04-Oct-23 2,568.00 2,496.00 2,501.990 2,429.790 1,892.058 1,799.558 3,426.00 3,167.00
01-Nov-23 2,390.00 2,318.00 2,416.910 2,344.710 1,795.058 1,702.558 3,575.00 3,316.00
06-Dec-23 2,325.00 2,253.00 2,181.490 2,109.290 1,623.938 1,531.438 3,742.00 3,446.00
03-Jan-24 2,249.00 2,177.00 2,063.170 1,990.970 1,530.938 1,438.438 3,753.00 3,457.00
07-Feb-24 2,324.00 2,252.00 2,136.170 2,063.970 1,583.938 1,491.438 3,790.00 3,494.00