Better exchange rate performance and retreats in international oil prices will mean virtually unchanged fuel prices in August. According to unaudited month-end fuel price data.
During July, the recent weakening trend of the Rand against the US dollar slowed, as our currency lost some ground, but only marginally. Over the same period, international oil prices showed a slight average decrease which almost exactly cancelled the Rand’s losses.
As a result, petrol is expected to increase by around two cents a litre, and illuminating paraffin by four cents a litre.
On the plus side, diesel will be cheaper by approximately four cents a litre. After several successive fuel price increases, motorists and other fuel users are due a breather, and the general stability of the fuel price during July will come as a relief to many.
Even though international oil prices showed a slight upward trend towards the end of July, motorists’ budgets would probably remain under pressure for the rest of the year.
2018 has been a year of volatility in the fuel price, and the see-sawing Rand and oil price suggest that caution should be the watchword in our households.