Fuel watch: Very early look at price forecast for August 2024

Fuel watch: Very early look at price forecast for August 2024

The very early look at the price projections for South Africa’s motorists for August 2024 shows some mixed news for petrol and diesel vehicle owners.

NOTE: This is an updated article with the latest fuel projections

While petrol is forecast to see a slight decrease, diesel may well become more expensive at the pumps next month.

As reported by The South African website, there was welcome news last week following a price decrease for both petrol and diesel.

Below, the latest projections as received by The South African website from the CEF, effective Tuesday, 9 July.

FUELPRICE CHANGEPetrol 93decrease of 9 centsPetrol 95decrease of 11 centsDiesel 0.05%increase of 26 centsDiesel 0.005%increase of 11 centsIlluminating Paraffinincrease of 20 cents

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 9 cents is expected for petrol 93 octane motorists and a decrease of 11 cents for 95 users.

Meanwhile, diesel motorists would see something between an 11 to 26 cents per litre increase.

Finally, illuminating paraffin is expected to increase by 20 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 $84.80 a barrel.

Exchange rate

At the time of publishing the rand/dollar exchange rate is R18.08/$.

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, 6 August.

Go easy on the accelerator until then, Mzansi.

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

INLANDJulyPetrol 93R22.86Petrol 95R23.26Diesel 0.05%R20.66Diesel 0.005%R20.91Illuminating ParaffinR15.02

COASTALJulyPetrol 93R22.07Petrol 95R22.47Diesel 0.05%R19.87Diesel 0.005%R20.15Illuminating ParaffinR14.02