Home Economy Fuel price drop on the cards

Fuel price drop on the cards

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Earlier this month, motorists saw a huge blowout as fuel prices increased without warning but there is still hope as the Central Energy Fund (CEF) released data showing that petrol and diesel prices could decrease next month.

Although it was not confirmed yet, petrol price was expected to decrease by 90 cents per litre while diesel could go down by 70 cents.

The expected fuel price drop was motivated by oil price fall which went from $72 in May to $62-63 in June as well as adequate recovery shown by the rand.

Motorists remain hopeful on the local currency to continue doing well in the trading markets so that they can at least get one rand decrease in fuel prices.

Currently, Gauteng motorists are paying almost 50 cents more on fuel compared to coastal areas.

 

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