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SOUTH AFRICA
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Economics

Petrol price decrease of more than R1 looking likely for August in South Africa

Any fuel price changes would not have an immediate effect on inflation

Current data is pointing towards price reductions of more than R1 a litre for both grades of petrol.

According to the data released by the Central Energy Fund on July 26, the over-recovery, for the month so far, points to a decrease of around R1.89 for 95 Unleaded.

The diesel data for 50ppm is pointing towards a decrease of around R1.52, which would drop to 77 cents once the general fuel levy was reinstated, but if oil prices stay at their current level, then there could be a decrease of closer to R1.

The Automobile Association has cautioned that any fuel price cuts would not have an immediate effect on inflation.

“Decreases offer immediate relief but increases filter into the economy over time, especially as those sectors affected by them don’t immediately adjust their prices downward, but instead wait for more consistent fuel cuts that lower their input costs,” the AA said.

“A review of the fuel price structure, and an audit of the components that comprise the fuel price, is essential and long overdue to offer sustainable solutions that mitigate against rising fuel costs in the country,” the association added, as reported by Pretoria News, a partner of TV BRICS.

Photo: IStock

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