June's expected petrol prices are in: finally, some good news

We’ve got some good news. Finally. Those South African drivers who are desperate for some sort of reprieve when it comes to the ever-increasing petrol price might finally get their wish when June hits. That’s what the Central Energy Fund (CEF) is promising, thanks to a fresh batch of fuel price predictions captured on 17 May 2024.

Don’t worry, diesel drivers. Despite reaping numerous fuel price reductions in succession, the Department of Mineral Resources and Energy is poised to lower prices for both grades of diesel yet again, potentially knocking the current price to below R22/l at the beginning of June.

Finally!

If you’re a newbie to the CEF’s fuel-price predictions, we need to fill you in on a couple of things. For one, the Department of Mineral Resources and Energy is the entity officially responsible for altering the country’s fuel prices — something at happens on the first Wednesday of any given month. In this case, that’s 5 June 2024.

The CEF is a state-owned energy company directly reporting to the Department and dabbles in daily predictive snapshots that offer South Africans insight into the upcoming fuel price adjustments, allowing us to brace for impact or celebrate a drop in prices. It’s worth remembering that the CEF’s predictions are just that, and cannot accurately confirm what fuel prices will look like at the beginning of a new month.

They’re still the most accurate analysis of the adjustments. That’s because it arrives at these estimates by looking at the same set of fluid data that the Department does but on a daily basis, while the Department looks at any mitigating factors over a whole month. Specifically, it keeps an eye on the current Rand/US Dollar exchange rate and the price of refined oil globally, both major factors in determining SA’s fuel prices.