Fuel price drop on the cards for July

Fuel price drop on the cards for July

FNB has come up with a way for customers to pay for purchases using eBucks without having the carry the eBucks card. Image: iStock

This is based on data which comes 12 days into the 28-day cycle and after five consecutive fuel price increases. 

If the latest data released by the Central Energy Fund is anything to go by, a petrol price decrease of around 90 cents a litre and 70 cents a litre for diesel could be on the cards in July if current trends persist.

This data, which looks at what will determine July’s prices, comes 12 days into the 28-day cycle and after a consecutive five increases.

A report published by Independent Media attributes this to plunging oil prices which have fallen from an average of US $71 in May to around $62-63 in June so far.

If the rand had not taken a dip following the ANC’s publicised battle over the Reserve Bank’s mandate, motorists could have seen a bigger price cut.

According to the publication, the nation’s dismal GDP figures and US President Donald Trump’s ongoing trade wars also affected the rand’s performance.

For more news your way, download The Citizen’s app for iOS and Android.




today in print