HUGE petrol, diesel price cut coming: Don’t fill up yet!

The latest price projections for South Africa’s motorists for September 2024 shows that excellent news lies ahead for petrol and diesel vehicle owners.

Both petrol and diesel are forecast to see massive decreases at the pumps next week.

Below, the latest projections as received by The South African website from theCentral Energy Fund (CEF), effective Thursday, 29 August.

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 89 cents is expected for petrol 93 octane motorists and a decrease of 97 cents for 95 users.

Meanwhile, diesel motorists would see something between a 79 and 105 cents per litre decrease.

Finally, illuminating paraffin is expected to decrease by 103 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$80.52a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate isR17.65/$.

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 onTuesday, 3 September.

Go easy on the accelerator until then, Mzansi.

The current AUGUST 2024 petrol and diesel prices (Inland and Coastal):