The latest daily snapshot released by the Central Energy Fund on Wednesday predicts a 25 cent increase for petrol, but that should be taken with a pinch of salt, says IOL.
The latest daily figures show an over-recovery to the tune of 30 cents for petrol, and if that works its way into the equation between now and month-end – assuming that oil prices remain weak – a small price decrease in the petrol price is certainly plausible.
But it’s those with diesel vehicles who stand to benefit the most.
The month-average is pointing towards a decrease in the region of 20 cents, but if current conditions persist it will almost certainly be much bigger than that as the latest daily figures are around 85 cents in the green.
Illuminating paraffin, meanwhile, is looking set for a decrease of more than 70 cents.
Following the R1.27 increase that took effect at the beginning of March, 95 Unleaded petrol currently costs R22.30 at the coast, while 93 Unleaded in the inland regions retails at R22.65.
Although the rand remains stubbornly weak, trading at R18.21 yesterday, international oil prices have fallen by around $5 in the past week, with Brent Crude currently listed at $77.45.
The US banking crisis is rattling commodity markets, and while that’s not good news for the economy overall, there could at least be a silver lining for motorists when it comes time to fill their tanks next month.