Fuel price update: High oil price hurts chances of petrol, diesel decrease
The high crude oil price is hurting South Africa’s motorists’ chances of a decrease in petrol and diesel prices in early July 2024.
The combination of a high crude oil price, but a stronger rand is hurting South Africa’s motorists’ chances of a decrease in petrol and diesel prices in early July 2024.
NOTE: This is an updated article with the latest fuel projections
However, while the next fuel price changes are still two weeks away, the latest numbers from the Central Energy Fund (CEF) still 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 month.
The increase in the oil price in recent days has, however, seen the overall picture worsen with each update.
Below, the latest projections from the CEF, effective Wednesday, 19 June.
| FUEL | PRICE CHANGE | |
| Petrol 93 | decrease of 112 cents | |
| Petrol 95 | decrease of 106 cents | |
| Diesel 0.05% | decrease of 40 cents | |
| Diesel 0.005% | decrease of 34 cents | |
| Illuminating Paraffin | decrease of 31 cents |
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 112 cents is expected for petrol 93 octane motorists and a decrease of 106 cents for 95 users.
Meanwhile, diesel motorists would see something between a 34 to 40 cents per litre decrease.
Finally, illuminating paraffin is expected to decrease by 31 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 $85.22 a barrel.
Exchange rate
At the time of publishing the rand/dollar exchange rate is R17.98/$.
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):
| INLAND | June |
| Petrol 93 | R23.91 |
| Petrol 95 | R24.25 |
| Diesel 0.05% | R20.96 |
| Diesel 0.005% | R21.15 |
| Illuminating Paraffin | R15.20 |
| COASTAL | June |
| Petrol 93 | R23.12 |
| Petrol 95 | R23.46 |
| Diesel 0.05% | R20.17 |
| Diesel 0.005% | R20.39 |
| Illuminating Paraffin | R14.20 |