Fuel price: Early forecast for BIG price drop in July 2024

Thanks to a significantly lower crude oil price, South Africa’s motorists can expect a decrease in both petrol and diesel prices in early July 2024.

NOTE: This is an updated article with the latest fuel projections

While the next fuel price changes are still a month away, the early numbers from the Central Energy Fund (CEF) suggest that there is reason to be optimistic.

Should that materialise, it will come as more welcome news following a price decrease for petrol earlier this week, as reported by The South African website.

Below, the latest projections as received by The South African website from the CEF, effective Thursday, 6 June.

If the market conditions were to remain consistent for the remainder of the month – an unlikely scenario with the rand/dollar exchange rate ever fluctuating and the oil price changing – a decrease of 152 cents is expected for petrol 93 octane motorists and a decrease of 148 cents for 95 users.

Meanwhile, diesel motorists would see something between a 92 to 102 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 88 cents.

FUEL PRICE IN SOUTH AFRICA IMPACTED BY TWO MAIN FACTORS:

1. The international price of petroleum products, driven mainly by oil prices

2. The rand/dollar exchange rate used in the purchase of these products

Oil price

At the time of publishing the brent crude oil price is $79.73 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.82/$.

The final overall price changes for both petrol and diesel will be confirmed in the weeks ahead with the new prices coming into effect at midnight on Tuesday, 2 July.

Go easy on the accelerator until then, Mzansi.

The current JUNE 2024 petrol and diesel prices (Inland and Coastal):