More relief for motorists at the pumps next week, when fuel prices are expected to drop significantly.
This comes on the back of data showing consumer inflation is at a three-year low, with fuel prices across the broad expected to decrease in September for the fourth consecutive month in 2024.
The Automobile Association (AA) said unaudited data from the Central Energy Fund is showing that 95ULP is set to drop by around 94 cents/litre, and 93ULP by around 86c/l.
The wholesale price of diesel is expected to decrease by around 76c/l, while the cost of illuminating paraffin will drop by almost R1.01c/l.
“The reason for this welcome news is the perfect combination of a strengthening Rand/US Dollar exchange rate since the middle of August, and significantly lower international oil prices which dipped around mid-August and increased the over recovery on the fuel prices in the period under review,” the AA said in a statement.
The Association said if the predicted decreases materialise, the cumulative impact of the last four decreases is substantial.
“Considering, for instance, ULP93 Inland, the decreases amount to around R2.44/l which in total will bring about a saving of around R122 on a 50/l petrol tank.”
