The pain that motorists have endured at petrol pumps these past few months may be alleviated a bit next week as there could be a sizeable cut in fuel prices.
This is according to Koketso Mano, an FNB senior economist.
Mano says the Central Energy Fund’s data shows that South African consumers can expect a fuel price cut in September.
Mano said this was a positive note for consumers and could help ease headline inflation in the country slightly.
Mid-month data gave consumers in South Africa hope of a petrol price decrease in the region of R2.50 per litre for September, when the price of oil dipped below the $100 dollar mark.
The oil price has risen since, which could dampen hopes of a bigger drop in fuel prices than was predicted earlier this month.
Global oil prices rose above $100 (R1 683) per barrel yesterday as the prospect of cuts in output by Opec+ outweighed global economic growth fears for now.
The Brent crude climbed by 2.6 percent to $103.60 (R1 743) per barrel following a 4.4 percent gain last week, as investors balanced supply side issues against fears that a prolonged global economic slowdown would hurt fuel demand.
Following the August petrol price decrease of R1.32 per litre, 95 Unleaded costs R24.77 at the coast and R25.42 in the inland regions, where 93 Unleaded costs R24.99.
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