BIG PETROL PRICE CUT IS COMING TO SOUTH AFRICA IN JUNE

Tue 21 May 2024:

Data from the third week of May indicates that South African motorists can expect a significant drop in fuel prices, with reductions anticipated for both petrol and diesel, BusinessTech reported.

According to week three data from the Central Energy Fund (CEF), petrol and diesel prices are showing an over-recovery of between 83 and 90 cents per litre. Specifically, petrol prices are expected to decrease by 84-85 cents per litre, while diesel prices may see a reduction of 86-90 cents per litre.

These figures are about 20 cents per litre more favorable than mid-month estimates, suggesting an even better outlook for drivers.

The stronger rand and lower global oil prices compared to April have contributed to this over-recovery, leading to the potential price cuts.

These are the expected changes:

Petrol 93: decrease of 85 cents per litre
Petrol 95: decrease of 84 cents per litre
Diesel 0.05% (wholesale): decrease of 90 cents per litre
Diesel 0.005% (wholesale): decrease of 86 cents per litre
Illuminating paraffin: decrease of 77 cents per litre

Oil prices increase following Iranian president’s tragic death

Oil prices spiked on Monday after Tehran confirmed the deaths of Iranian President Ebrahim Raisi, Foreign Minister Hossein Amir-Abdollahian, and other officials in a helicopter crash in the country’s northwestern province.

International benchmark Brent crude traded at $84.24 per barrel at 10.44 a.m. local time (0744 GMT), a rise of 0.31% from the closing price of $83.98 per barrel in the previous trading session.

American benchmark West Texas Intermediate (WTI) traded at $79.81 per barrel at the same time, a 0.29% increase from the previous session that closed at $79.58 per barrel.

SOURCE: INDEPENDENT PRESS AND NEWS AGENCIES

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