FUEL UPDATE: DAYS AWAY FROM BIG PETROL PRICE CUT

South Africa’s motorists can expect a sizeable petrol price cut early next week, while there should also be some good news for diesel vehicle owners.

NOTE: This is an updated article with the latest fuel projections

The next fuel price changes are now under a week away and the latest numbers from the Central Energy Fund (CEF) suggest that there is reason to be optimistic.

Should that materialise, it will come as more welcome news following a price decrease for petrol earlier this month, as reported by The South African website.

The increase in the oil price in recent days has, however, seen the overall picture worsen with each update, particularly for diesel car owners.

Below, the latest projections as received by The South African website from the CEF, effective Thursday, 27 June.

If the market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 101 cents is expected for petrol 93 octane motorists and a decrease of 95 cents for 95 users.

Meanwhile, diesel motorists would see something between a 19 to 25 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 18 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $86.85 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.24/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 2 July.

Go easy on the accelerator until then, Mzansi.

The current JUNE 2024 petrol and diesel prices (Inland and Coastal):

2024-06-06T08:15:58Z dg43tfdfdgfd