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Friday, June 14, 2024

Here’s What You’re Likely to Pay for Fuel in June

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Good news, SA Truckers! From next week, you can finally look forward to some relief at the pumps. On Wednesday, June 5, fuel prices are set to drop significantly.

According to the latest unaudited data from the Central Energy Fund (CEF), diesel prices could go down by between 90 cents for 50ppm and R1 for the dirtier 500ppm.

Petrol, on the other hand, is expected to decrease by by around R1.06 per litre.

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If these predictions hold, 95 Unleaded petrol might fall to about R23.64 at the coast and R24.43 in Gauteng. Meanwhile, 93 Unleaded could decrease to around R24.09 in Gauteng.

However, keep in mind that these are preliminary figures. The final prices will be announced by the Department of Mineral Resources and Energy early next month and could be influenced by factors like the Slate Levy, which compensates fuel companies for international oil price fluctuations.

Read | Big June Fuel Price Cuts Now More Likely as Oil Hits 3-Month Low

This year, petrol prices have been particularly painful, with 95 Unleaded rising by R2.93 since January. Diesel prices have also increased, but not as sharply, with 50ppm going up by R1.46 and 500ppm by R1.45.

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The anticipated price cuts in June are mainly due to lower international oil prices, which have contributed about 73 cents to the petrol price reduction, while a stronger rand has added another 32 cents to the equation.

However, there’s a potential risk on the horizon. The outcome of the elections might influence the local currency. If the international business community finds a coalition government unfavourable, the rand could depreciate, potentially driving fuel prices up again from July onwards.

So, enjoy the savings while they last and keep an eye on the political scene – it might just affect your next fill-up.

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