South African fuel prices might be in for another much-needed price cut this month thanks to the current market conditions, Cape {town} Etc reports.
The latest data from the Central Energy Fund (CEF) indicates a continued downward trajectory in the exchange rate used in the basic fuel price and the international product prices of the basket used in the basic fuel price.
However, it is important to note that the mid-month and daily snapshots do not predict future changes such as tax adjustments or changes in the cost of selling fuel, as BusinessTech reports.
At the end of August, Department of Mineral Resources (DMRE) Minister Gwede Mantashe greenlighted a 5.3 cents per litre increase in the retail price of all types of petrol. This adjustment came into effect on 4 September to help cover the wage increase for pump attendants, cashiers, administrative staff and service stations.
These are the changes you can expect:
