Fuel price update: Petrol decrease, diesel hike coming next week

The new July 2023 petrol and diesel prices will take effect from next Wednesday. For now, the latest numbers from the Central Energy Fund (CEF) look better for petrol drivers than diesel car owners.

Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 27 June 2023.

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If these 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 22 cents is expected for petrol 93 octane motorists and a decrease of 15 cents for 95 users.

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Meanwhile, diesel motorists would see something between a 14 and 20 cents per litre increase.

Finally, illuminating paraffin is expected to decrease by 3 cents.

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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 $72.33 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.66/$.

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, 4 July.

Go easy on the accelerator until then, Mzansi.

The current JUNE 2023 petrol and diesel prices (Inland and Coastal):

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