Amid global market turmoil weakening the rand, South Africa is poised for significant petrol and diesel price cuts next month due to a notable drop in global oil prices creating a substantial over-recovery in local fuel costs
,Data from the Central Energy Fund for the end of the first week of August reveals that petrol prices are expected to see an over-recovery of approximately 83 cents per litre, while diesel prices are projected to experience an over-recovery ranging from 81 to 98 cents per litre., the decline in international product prices, which tracks lower oil prices, is contributing approximately R1.00 to the over-recovery in fuel costs, while the weaker rand is offsetting this by about 10 cents per litre.
These cuts mark the fourth consecutive month of declines, erasing nearly R2.40 from fuel prices and almost completely reversing the R3.00 per litre increase observed since the start of the year. If current market trends persist and prices are further reduced in September, South Africa could see a net decline in fuel costs for 2024.
As it’s still early in the month, fuel prices may fluctuate significantly or even reverse if market conditions change.The current over-recovery in fuel prices is largely driven by the drop in oil prices, which have fallen below $80 a barrel.The rebound follows a seven-month low and is supported by a halt in Libyan crude production and heightened geopolitical tensions.
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