Large June fuel price cuts now look likely as oil hits 3-month low
Petrol and diesel prices are currently on track for significant cuts at the start of June as Brent crude oil reaches its lowest level in three months.
Still, despite recent losses, Brent is up 7% so far in 2024 amid instability in the oil-rich Middle East and drone strikes on Russian refineries - along with OPEC+ supply cuts. The group of oil-producing countries are meeting on 1 June and more curbs are expected. Meanwhile, the rand is trading at its strongest level since the final quarter of 2023. On Wednesday, the rand was at R18.17/$. So far, the local currency has gained almost 5% in a month amid renewed optimism that US rates may be cut, along with subsiding fears of an ANC-EFF coalition following the election and strength in commodity prices.
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