Cape Town — Motorists can expect further good news at the fuel stations in September as the current fuel price projection points to a substantial decrease for both petrol and diesel.
According to the latest figures by the Central Energy Fund (CEF) on Friday 23 August, there are good over-recoveries for both unleaded petrol and diesel, with petrol set to drop by roughly 86 cents per litre, while diesel would drop by 70 cents per litre for 500ppm and 95 cents for 50ppm, IOL reported.
If the current trends continue, the decreases could grow further, possibly beyond the R1 mark, when the Department of Energy announces the final figures on Wednesday 4 September.
Following the August price decrease, 95 unleaded costs R22.32 per litre on the coast and R23.11 per litre inland, while 93 unleaded costs R22.71 per litre.
ALSO READ | AA predicts further fuel price cuts in September
According to BusinessTech, one of the key contributors to the fuel price reduction has been the rand, which has steadily climbed to a strong position following a crash in early August.
Earlier this week, the rand was trading at R17.85 to the dollar, which is a significant improvement from the R18.60 to the dollar that seemed to bring panic.
The global oil price has also remained balanced despite market fluctuations, with the price staying range-bound for a few months. During August, the prices remained below $80 a barrel.
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Compiled by Matthew Petersen
