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Fuel price relief on the cards? Here’s what South Africans can expect in July

By Mapaballo Borotho

No fuel shortage for now - but South Africans may soon feel the pain at the pumps
Image @The South African.com
  • Fuel prices could decrease in July as global oil markets stabilise following a reported truce between the United States and Iran.
  • The Central Energy Fund is currently predicting decreases of around R2.68 per litre for 93-octane petrol and R2.65 per litre for 95-octane petrol.
  • Although the General Fuel Levy is being fully reinstated in July, motorists could still see meaningful relief at the pumps.

The extreme fuel price spikes seen in May, which were driven by the Iran crisis and the closure of the Strait of Hormuz, have eased significantly after the United States and Iran reportedly signed a critical two-month truce, paving the way for talks on a permanent peace deal.

Many might think this means immediate relief at the fuel pumps in July. However, South Africans may have to wait until all negotiations are finalised before seeing the full benefit.

While the price of Brent crude oil has hovered around three-month lows, remaining just below the $80-per-barrel mark for most of this week, it is still higher than the $69 average that determined South Africa’s fuel prices in March, which was the last relatively normal month for consumers.

Between April and June, diesel increased by as much as R10.16 per litre, while petrol rose by R7.72 per litre.

However, in good news for motorists, the latest data published by the Central Energy Fund (CEF) suggests that the price of 93-octane petrol could decrease by approximately R2.68 per litre. In contrast, 95-octane petrol could drop by around R2.65 per litre.

Meanwhile, the temporary relief measures introduced by government, which reduced the General Fuel Levy by R3.00 per litre for petrol and R3.93 per litre for diesel, expired at the end of May.

Half of the levy was reintroduced at the beginning of June, with the remaining portion scheduled to come into effect at the beginning of July.

Despite this, fuel prices remain on track for a reasonable decrease at the end of the month.

READ NEXT: Middle East war: What it means for the economy and your petrol bill 

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