Fuel price looks set to drop

By Jessica Anne Wood

According to the Automobile Association of South Africa (AA), fuel prices will likely decrease in June, bringing much needed relief to motorists. This is based on the unaudited month-end fuel price data released by the Central Energy Fund (CEF).

“Our expectation for June is that petrol will drop by up to 26 cents a litre, with a 20 cent drop for both diesel and illuminating paraffin,” said the AA.

The reason for the decrease is due to the Rand performing well against the US Dollar during May, as well as the “retreating international petroleum prices.”

"With political uncertainty set to continue, our medium-term outlook for the fuel price is that lower international petroleum prices will be key to maintaining local fuel price stability if the Rand weakens again," added the AA.

The official fuel price announcement for June will take place later this week by the Department of Energy.

 

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