The first week of May has yielded positive data for fuel price recoveries – which is good news for motorists in South Africa.
Motorists in South Africa could finally be in store for some relief at the pumps in June, with early data pointing to a cut for both petrol and diesel.
This would present a significant turn in fortunes for petrol prices, which have gone up for four consecutive months in 2024. The positive signs come from a stronger rand, relative to most of April, and a lower global oil price, which has pulled below $83 a barrel. According to Bloomberg economists, indicators from timespreads to processing margins point to a weaker outlook.
“The US currency headed for a third day of gains, according to a Bloomberg gauge, while oil’s breach below its 100-day moving average is also exacerbating the latest bout of price weakness,” it said.
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