Encouraging mid-month fuel price data has been buoyed by receding international petroleum prices, meaning good news for motorists in August.<\/p>\n
This is according to the Automobile Association (AA), which was commenting on unaudited data released by the Central Energy Fund (CEF) this week.<\/p>
\u201cThe oil price has shown a gradual downward trend, and has continued to decline since our mid-July review of the fuel price picture,\u201d the AA said.<\/p>\n
\u201cAnd, despite some Rand weakness against the US dollar in the last few days, the South African currency unit has traded in a fairly tight band around R12.40 to the dollar since mid-month.<\/p>
\u201cThe result is that most of the benefit of lower international product prices will be passed on to the motorist.\u201d<\/p>\n
The AA said current data indicated that the petrol price would be lower by between 47 to 49 cents a litre, with diesel down by approximately 70 cents.<\/p>\n
Illuminating paraffin is also set for a drop of around 68 cents a litre.<\/p>\n
\u201cThe recent downward trend in international petroleum prices would require a substantial reversal to heavily impact South African fuel prices,\u201d the AA commented.<\/p>\n
\u201cThe short to medium-term outlook for the fuel price is, therefore, likely to depend largely on the exchange rate.\u201d<\/p>\n
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Previous fuel price articles:<\/p>\n