We have good news, ladies and gentlemen. After a fairly poor showing where the first petrol price predictions for August are concerned, the Central Energy Fund (CEF) has stepped up and thrown the country a gift, arriving in the form of new mid-month fuel predictions, captured 22 July. While petrol was teased to see a tiny price drop, diesel drivers were forced to stomach what could have been a relatively large 11-26c price hike.
Petrol on your mind?
That’s no longer the case. Sure, the CEF’s latest batch of predictions somewhat diminishes the already small price decrease promised to petrol drivers, all at the cost of bringing those diesel numbers down. Should the CEF’s predictions hold until the first Wednesday of August – that’s when the Department of Mineral Resources and Energy officially fiddle with the country’s fuel pumps – we’re looking at a good month for all drivers concerned.
For that to happen, however, global oil prices and the current Rand/Dollar exchange rate need to hold fast. We wouldn’t say no to the price of oil trending downwards globally, nor to the Rand strengthening against the Dollar, as these are the two largest contributors to South Africa’s fuel prices.
The CEF, a state-owned energy company reporting directly to the Department of Mineral Resources and Energy, keeps track of these economic factors daily, providing regular updates to South African motorists on what they can expect on the first Wednesday of any given month. In this case, that’s Wednesday, 7 August.
The Department reviews this data at the end of every month and makes an official decision – meaning that it cannot artificially inflate or deflate prices at the pumps. It does reserve the right to control the country’s slate fuel levy mechanism, which has been known to add at least a couple of cents, although July saw a minor 4c decrease.
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Here are the petrol and diesel price predictions (so far) for August 2024:
- Petrol 93: decrease of 2 cents per litre (R0.02)
- Petrol 95: decrease of 7 cents per litre (R0.07)
- Diesel 0.05%: decrease of 11 cents per litre (R0.11)
- Diesel 0.005%: increase of 1 cents per litre (R0.01)
- Illuminating Paraffin: decrease of 5 cents per litre (R0.05)