Fuel price update: Petrol and diesel data looks bad for August

It’s too early to tell what lies ahead for the petrol and diesel prices for August 2023, but the latest numbers from the Central Energy Fund (CEF) are getting worse and worse by the day.

Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 11 July 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 13 cents is expected for petrol 93 octane motorists and a decrease of 4 cents for 95 users.

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Meanwhile, diesel motorists would see something between a 40 and 41 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 40 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 $79.42 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.45/$.

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, 1 August.

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Go easy on the accelerator until then, Mzansi.

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

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