The Automobile Association (AA) says that South African motorists can expect another significant fuel price reduction to kick off summer.
Layton Beard, spokesperson for the AA, said that unaudited data from the Central Energy Fund (CEF),indicates both grades of petrol, diesel, and illuminating paraffin prices show substantial decreases that will further reduce fuel costs, following four consecutive decreases already in 2024.
“According to the data, unleaded 93 octane petrol will decrease by around R1.18 cents per litre, and unleaded 95 octane by R1.26c/l. Diesel is set to decrease considerably by around R1.10c/l with illuminating paraffin also decreasing by around R1.04c/l.”
Beard added that the forecast reductions in ULP 93 and 95 will bring this fuel cost down to prices last seen in March and April 2022.
“The expected reductions can be attributed to significantly lower international product prices. The strong performance of the rand against the US dollar is also playing a substantial role in the forecast reductions.”
Beard said that these decreases are positive and will ease pressure on our economy and consumers.
“Of course, this is only one indicator, and we cannot ignore higher interest rates and food prices but a decrease in fuel costs will make a difference to many.”
Beard added that the AA notes that the outlook for October is made mid-month and will change before the official adjustment for October is made. “Nonetheless, we remain confident that significant decreases will be seen to fuel prices for October.”
The Mercury