Thanks to a lower crude oil price, South Africa’s motorists can expect a decrease in both petrol and diesel prices in early July 2024.
NOTE: This is an updated article with the latest fuel projections
While the next fuel price changes are still a month away, the early 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 week, as reported by The South African website.
However, a weaker rand in recent days has offset to a degree the lower oil price, with the picture worsening with each update.
Below, the latest projections as received by The South African website from the CEF, effective Friday, 7 June.
FUEL PRICE CHANGE Petrol 93 decrease of 140 cents Petrol 95 decrease of 135 cents Diesel 0.05% decrease of 89 cents Diesel 0.005% decrease of 80 cents Illuminating Paraffin decrease of 76 cents
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 140 cents is expected for petrol 93 octane motorists and a decrease of 135 cents for 95 users.
Meanwhile, diesel motorists would see something between a 80 to 89 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 76 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 $79.80 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R18.79/$.
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):
INLAND June Petrol 93 R23.91 Petrol 95 R24.25 Diesel 0.05% R20.96 Diesel 0.005% R21.15 Illuminating Paraffin R15.20
COASTAL June Petrol 93 R23.12 Petrol 95 R23.46 Diesel 0.05% R20.17 Diesel 0.005% R20.39 Illuminating Paraffin R14.20
https://www.thesouthafrican.com/news/fuel-price-early-forecast-for-massive-price-drop-in-early-july-2024-breaking-latest-petrol-diesel/
