Fuel price latest: Some good news awaits struggling South Africans!
The early projections from the Central Energy Fund (CEF) for June 2024 suggests that there will be a significant petrol and diesel price decrease for South Africa’s motorists next month.
NOTE: This is an updated article with the latest fuel projections
Should that materialise, it will come as welcome news following a price increase for petrol earlier this month, as reported by The South African website.
Below, the latest projections as received by The South African website from the CEF, effective Wednesday, 8 May.
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 43 cents is expected for petrol 93 octane motorists and a decrease of 43 cents for 95 users.
Meanwhile, diesel motorists would see something between a 69 to 74 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 67 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 $83.83 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R18.56/$.
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, 4 June.
Go easy on the accelerator until then, Mzansi.