Fuel Prices Expected to Drop Significantly for June

South African motorists can look forward to some relief at the pumps this June. According to the latest data from the Central Energy Fund (CEF), released on 27 May, fuel prices could potentially decrease next week.

fuel

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On Wednesday, the 5th of June, the Department of Mineral Resources and Energy will announce the adjustments to the country’s petrol and diesel prices, and the news is promising. For the first time since January, petrol prices are expected to drop by a significant R1.00 per litre. This will come as a welcome respite for petrol drivers who have been dealing with rising fuel costs for months. The CEF’s early predictions, which are often accurate, suggest that both Petrol 93 and Petrol 95 will see a reduction of 100 cents per litre.

Diesel drivers are also in for good news. Following a similar decrease last month, diesel prices are expected to drop once again. Diesel 0.05% is predicted to decrease by R1.00 per litre, and Diesel 0.005% is set for a reduction of 91 cents per litre. This would bring diesel prices to below R22 per litre.

Related: Fuel Price Decrease Expected for June

Illuminating paraffin, commonly used for heating and lighting in many South African households, is also set to become more affordable. A decrease of 80 cents per litre is anticipated, which will be beneficial for low-income households.

  • Petrol 93 – decrease of 100 cents per litre (R1.00)
  • Petrol 95 – decrease of 100 cents per litre (R1.00)
  • Diesel 0.05% – decrease of 100 cents per litre (R1.00)
  • Diesel 0.005% – decrease of 91 cents per litre (R0.91)
  • Illuminating Paraffin – decrease of 80 cents per litre (R0.80)

The main factors contributing to these expected decreases are a stronger rand and lower global oil prices in May. Earlier in the month, the rand performed strongly against the dollar, reaching lows of R18.03/$. Although it weakened slightly towards the end of the month, the overall performance has been relatively firm compared to the highs of R19.00/$ seen in previous months. It is important to note that these figures are still subject to change. The final adjustments will be confirmed by the Department of Mineral Resources and Energy before the official announcement on the 5th of June.

The anticipated drop in fuel prices is a positive development for South African motorists and households. With a stronger rand and decreasing global oil prices, June is shaping up to offer some financial relief at the pumps. Keep an eye out for the final announcement next week to see the confirmed changes in fuel prices.

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The post Fuel Prices Expected to Drop Significantly for June appeared first on CAR Magazine.


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