There’s no denying that soaring petrol prices have been crippling South Africans, but with the price of petrol expected to drop, there may be a silver lining for motorists with the latest data from the Central Energy Fund reflecting just that.
The latest statistics show that the price of 95 unleaded petrol is expected to dip by R2.28/ litre, while 93 petrol could fall to around R2.12/litre. Diesel and illuminating paraffin are expected to follow suit with a drop of around a rand.
While South Africans had initially expected a price drop of around R2 for Diesel and R2.6o/litre for 95 unleaded, things appeared to take a different turn as oil prices continued to fluctuate.
However, with Brent crude oil being back above $100 per barrel due to production cuts in Saudi Arabia and with the rand trading slightly stronger at R16.92 against the dollar on Monday, motorists may still get their price reduction, as per News24.
The petrol price drop would see fuel prices back to the levels we saw in June, however, it would still be around R3 more expensive than in February 2022 due to the implications of Russia’s invasion of Ukraine, reports Business Tech.