Fuel price set to drop in July

The Automobile Association (AA) is expecting the fuel price to decrease in July, due to lower international oil prices throughout June. The association is commenting based on the unaudited month-end fuel price data released by the Central Energy Fund.

According to the AA, in the last quarter June was the weakest month for oil. The price of crude oil slipped briefly below $60.

The petrol price is anticipated to fall by 86c a litre, diesel by 68c and illuminating paraffin by 58c next month.There could have been higher decrease if in earlier years the rand had not been impacted, the AA said.

The AA said that: “Although the currency re-strengthened against the dollar towards month-end, the exchange rate average for the month is negative by about 11 cents, meaning fuel users missed out on an even bigger drop.”

They further added that: “However, renewed tensions in the middle East and downturn in USA oil inventories have put pressure on the commodity, which has ticked up over the past few days.”

The company said in a press release on Thursday that it is looking forward that the oil price is likely to be the primary driver of fuel price movements for the third quarter of 2019. Current tension between the US and Iran could have serious ramifications.

“South Africa’s economy would be very badly affected if, as earlier in the decade, we were to return to sustained prices in excess of $100 per barrel. In such an environment, any event which affected the Rand markedly would have a dire effect on fuel users,” the AA concluded.

Ipeleng Letoaba
Guest Author
Advertisting

SAA grounds flights due to low demand

SAA is working to accommodate customers on its sister airlines after it cancelled flights due to low demand

Isabel dos Santos did not loot Angola alone

Once again, Western auditing and consulting firms shamelessly facilitated corruption on an international scale

Lekwa municipality won’t answer questions about why children died in...

Three children are dead. More than a dozen homes have been gutted by fires in the past six months. And, as...

Failure to investigate TRC cases during the Mandela era delayed...

Counsel for late trade unionist Neil Aggett’s family decries the slow pace of instituting an inquest into his death
Advertising

Press Releases

Upskill yourself to land your dream job in 2020

If you received admission to an IIE Higher Certificate qualification, once you have graduated, you can articulate to an IIE Diploma and then IIE Bachelor's degree at IIE Rosebank College.

South Africans unsure of what to expect in 2020

Almost half (49%) of South Africans, 15 years and older, agree or strongly agree that they view 2020 with optimism.

KZN teacher educators jet off to Columbia University

A group of academics were selected as participants of the programme focused on PhD completion, mobility, supervision capacity development and the generation of high-impact research.

New-style star accretion bursts dazzle astronomers

Associate Professor James O Chibueze and Dr SP van den Heever are part of an international team of astronomers studying the G358-MM1 high-mass protostar.

2020 risk outlook: Use GRC to build resilience

GRC activities can be used profitably to develop an integrated risk picture and response, says ContinuitySA.

MTN voted best mobile network

An independent report found MTN to be the best mobile network in SA in the fourth quarter of 2019.

Is your tertiary institution is accredited?

Rosebank College is an educational brand of The Independent Institute of Education, which is registered with the Department of Higher Education and Training.

Is your tertiary institution accredited?

Rosebank College is an educational brand of The Independent Institute of Education, which is registered with the Department of Higher Education and Training.