June fuel price decrease predicted to be lowest in over a year

The fuel outlook for June in South Africa appears promising as the AA predicts a possible decrease in prices across the board!

Image: Pixels

According to the Automobile Association (AA), significant reductions in fuel prices are likely based on unaudited mid-month data from the Central Energy Fund (CEF). The AA attributes the predicted decreases to lower international product prices.

While acknowledging that the weaker Rand/US Dollar exchange rate has somewhat dampened the forecasted decreases, the AA notes that both grades of petrol are expected to decrease by around R1 per litre from the current per-litre price tag (R23,01), with diesel prices projected to decrease by approximately R1,30 per litre. Furthermore, illuminating paraffin, a crucial fuel during this time of year, is set to decrease by around 80 cents.

Related: Toyota tinkering with carbon-neutral fuels for future ICE power

“These decreases are positive and will ease pressure on our economy and consumers. Of course, this is only one indicator, and we cannot ignore higher interest rates and food prices but a decrease to fuel costs will make a difference to many,” — Automobile Association

Image: Pixels

The AA emphasizes the positive impact of these potential fuel price decreases, particularly for cash-strapped consumers who would experience relief. If realized, these reductions would bring prices down to levels last seen in February. The AA acknowledges that fuel prices are just one factor among others, including higher interest rates and food prices, affecting the economy. Nonetheless, a decrease in fuel costs would make a difference to many individuals.

Related: Fuel prices confirmed to increase for month of February

It is important to note that the mid-month outlook provided by the AA for June is subject to change before the official adjustment is made. Nevertheless, the Association remains confident that significant decreases in fuel prices will be observed.

The anticipated decrease in fuel prices for June brings hope to South African consumers, easing economic pressures and potentially providing a much-needed respite. The final adjustments, eagerly awaited by individuals and businesses, will be influential in shaping budgets and assessing the overall impact on the economy.

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