JUST IN | Fuel prices will see a large drop on Wednesday, thanks in part to a drop in the oil price. | Fin24
Fuel prices will see a large drop on Wednesday, thanks in part to a drop in the oil price.
Over the past month, the oil price has weakened, with Brent crude currently at around $115.77 a barrel. It hit a high of $123 in March, after Russia’s invasion of Ukraine roiled markets. While the rand crashed through R17 to the dollar earlier in July, it is now trading around R16. The Department of Mineral Resources and Energy said the temporary reduction in the general fuel levy of 75 cents per litre announced by the Minister of Finance in consultation with the Minister of Mineral Resources and Energy which was implemented in the price structures of petrol and diesel will come to an end on 2 August 2022.
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