petrol

SA motorists are a little over a week away from some much-needed relief at the petrol pumps with data suggesting a significant decrease. Photo: Gallo Images/Misha Jordaan

Fuel price latest: Better petrol than diesel news awaits NEXT WEEK

SA motorists are a little over a week away from some much-needed relief at the petrol pumps with data suggesting a significant decrease.

petrol

SA motorists are a little over a week away from some much-needed relief at the petrol pumps with data suggesting a significant decrease. Photo: Gallo Images/Misha Jordaan

South African motorists are a little over a week away from some much-needed relief at the petrol pumps with data suggesting a decrease in price in excess of R2.00.

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According to the BusinessTech website, month-end data published by the Central Energy Fund shows a significant over-recovery for petrol (93 and 95) with a more moderate over-recovery for diesel.

Petrol 95 could be cut by as much as R2.30 per litre in September, while diesel could drop by R1.26 per litre.

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These cuts would put the petrol price at R23.13 per litre and diesel at slightly more (R23.26 per litre).

TWO MAIN FACTORS IMPACTING PETROL PRICE

This would return petrol prices to levels seen before the steep hikes in June, but still around R3.00 more expensive than in February 2022, before the global pressures from Russia’s invasion of Ukraine took effect.

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Local petrol price fluctuations are impacted by TWO main factors.

Those are the international price of petroleum products, driven mainly by oil prices, and the rand/dollar exchange rate used in purchases of these products.

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As things stand at month end, oil is trading higher at around $102 a barrel.

The rand, meanwhile, was trading slightly stronger at R16.81 against the dollar at the time of publishing, after trading over the R17.00/$ mark for most of last week.

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The final overall price decrease will be confirmed later this week with the new price coming into effect at midnight on Tuesday, 6 September.

Go easy on the accelerator until then, Mzansi!

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