Motorists could be in line for further relief at the pumps next month despite renewed tensions in the Middle East pushing global oil prices higher.
US President Donald Trump on Monday threatened to impose a 20% toll on ships passing through the Strait of Hormuz, a key shipping route that carries about a fifth of the world’s traded crude oil. His comments, together with renewed military action in the region, helped lift Brent crude to about $85 a barrel after it had traded as low as $74.66 last week.
Despite the rebound in oil prices, the latest daily fuel price data from the Central Energy Fund (CEF) still points to sizeable fuel price cuts in August. The earlier drop in crude prices, together with a relatively firm rand, has helped offset the recent increase by lowering the cost of imported fuel.
Petrol is now on course to fall by R1.30/l for 93 octane and R1.26/l for 95 octane, while the wholesale price of 50ppm diesel is expected to decrease by 74c/l and 500ppm diesel by 47c/l.
If the latest CEF data holds, inland motorists would pay R24.64/l for 93 unleaded and R24.84/l for 95 unleaded. The wholesale price of 50ppm diesel would fall to R24.42/l inland, while 500ppm diesel would decrease to R24.31/l.
At the coast, 95 unleaded would retail at R23.97/l, while the wholesale prices of 50ppm and 500ppm diesel would drop to R23.67/l and R23.44/l respectively.
As always, these figures could still change before month-end as the CEF continues to track movements in the international oil price and the rand-dollar exchange rate. The final August fuel prices are due to take effect on Wednesday August 5.
TimesLIVE
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