Fuel price drop around the corner

MOTORISTS will soon pay less at the pumps as fuel prices are set to drop this month by more than 40 cents a litre.

Commenting on unaudited month-end fuel data released by the Central Energy Fund, the Automobile Association (AA) said a stable exchange rate and lower international fuel prices are the reasons for the drop.

‘The Rand was trading at around R12 to the US Dollar at the start of February and has gradually strengthened to an average level approaching R11.80 for the month,’ said the AA.

ALSO READ: Petrol price relief in January 2018

‘Over the same period, international fuel prices dropped sharply.

‘Although they have subsequently increased, it has been moderate enough for South African fuel users to see some benefit.

‘We expect the petrol price to drop by up to 38cents a litre, diesel by 47 cents and illuminating paraffin by 26 cents.’

Should the Rand maintain its current stable trend against the US Dollar, the main driver of fuel price changes in the near future will be international petroleum prices.

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  AUTHOR
Tamlyn Jolly
Journalist

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