petrol price, fuel price, diesel price, fuel price decrease, central energy fund, rand-to-oil price, price reduction, August petrol price SA, fuel tax holiday falls away

It’s not all doom and gloom for motorists in August as a fuel price decrease has been predicted. Photo: Stock Image / Pixabay

August fuel price: DECREASE even BIGGER than expected

With all the troubles locals are facing, motorists may be glad to hear that a fuel price decrease is in the cards for August 2022.

petrol price, fuel price, diesel price, fuel price decrease, central energy fund, rand-to-oil price, price reduction, August petrol price SA, fuel tax holiday falls away

It’s not all doom and gloom for motorists in August as a fuel price decrease has been predicted. Photo: Stock Image / Pixabay

The drop in the price of fuel for the month of August might be even bigger than initially predicted!

TrafficSA shares fuel price prediction

Taking to Twitter, TrafficSA shared an infographic of fuel prices that are predicted for the month of August. Initially the drop predicted was about R1.14 – taking into account that the fuel tax holiday falls away. Now it seems a bit more ‘pleasant’ for many motorists.

93-Octane is expected to drop by R1.19 while 95-Octane is expected to go down by R1.22. Take a look:

Without a fuel tax holiday, predicted petrol price decreases won’t be as high

It was earlier reported that unaudited data released by the Central Energy Fund points to a R1.89 decrease for 95 unleaded petrol in August. The official announcement of August’s petrol prices is expected to come in next week with the rand-to-oil price interactions also having a bearing on the final fuel prices in SA. However, current data points towards this price reduction of over R1 per litre.

While the predicted decrease is about R1.89, the fuel tax holiday is set to fall away in August – reducing the predicted decrease to R1.14.

IOL reports that lower prices in oil have been pushing up the average over-recovery by more than 10 cents a day. This means that a price decrease closer to R1.40 could be a possibility IF all stays the same by Friday.

What about the price of diesel?

In terms of diesel, decreases are also expected. For 50ppm, a decrease of R1.52 is what has been predicted but when the fuel tax holiday falls away, this will drop to around 77 cents. But if oil prices stay the way they are, this decrease could go up from 77c to about R1.

These are all predictions given current trends but the full extent will only be known when a fuel price statement is released by the Department of Energy next week.

The fuel tax holiday falls away in August meaning the decreases aren’t as high as one might wish. Photo: Stock Image / Pixabay

Speaking about the decrease, the AA said earlier in July:

“The Association further notes that despite the forecast decreases, fuel prices in South Africa remain high and that the previous sizable increases will still impact the economy in coming months.”

ALSO READ: Energy Department confirms ‘sizeable reduction in fuel price’ for August