Recent trends in international oil prices have shown a decline over the past week. However, this change comes too late to significantly affect South Africa’s fuel prices for August. The latest unaudited data from the Central Energy Fund (CEF) suggests that only minor reductions in fuel prices can be expected for both petrol and diesel in the coming week.
Projected Fuel Price Changes
| Fuel Type | Current Price | New Price | % Change |
|---|---|---|---|
| Petrol (95 ULP) | R22.47 | R22.35 | -0.53% |
| Petrol (93 ULP) | R22.86 | R22.74 | -0.52% |
| Diesel (50ppm) | R21.75 | R21.61 | -0.64% |
| Diesel (500ppm) | R21.89 | R21.63 | -1.19% |
The table above reflects the current fuel prices and the expected new prices, along with the percentage change. These figures suggest a slight decrease in petrol prices by around 12 cents per liter and diesel prices by approximately 14 cents per liter for 50ppm and 26 cents for 500ppm. This would bring the cost of 95 Unleaded petrol to approximately R22.35 at coastal regions and R23.14 in Gauteng, with 93 Unleaded petrol priced around R22.74 in Gauteng.
It is important to note that these potential price changes are not guaranteed. A negative balance in the Slate Levy, which adjusts for fluctuations in oil prices over the preceding month, could offset any anticipated fuel price reductions in August.
The Department of Mineral and Petroleum Resources is expected to announce the official fuel prices for August early next week, with the new prices set to take effect on Wednesday, August 7. This follows a notable decrease in petrol prices at the beginning of July, which saw reductions ranging between 99 cents and R1.05 per liter, following a R1.24 cut in June.
Despite the average strength of international oil prices in July, Brent Crude oil prices have recently fallen below the $80 per barrel mark. If this downward trend persists, there is a possibility of further fuel price relief in September.
The situation remains fluid, and the exact impact on fuel prices will depend on several factors, including global oil market trends and local economic conditions. Consumers and businesses alike will be closely monitoring the official announcements and subsequent adjustments.
