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The fuel price looks set for a hefty cut next month despite the rand falling through the floor

by , 17 August 2015

The rand has fallen sharply this month. Yet, in spite of this, an ample fuel price cut looks likely at the beginning of September.

This is thanks to the lower oil price.

So how much could you be looking to save at the pumps?

Read on to find out…

Fuel prices look set to fall by over 50c a litre

The Automobile Association of South Africa predicts a large fall in the fuel price next month, says iAfrica. This is due to the lower oil price, even though the rand is trading at 14-year lows against the dollar.

The petrol price could fall by “between 55c and 64c” a litre, adds iAfrica. The price of diesel could “fall by between 53c and 57c” a litre.

The rand has fallen hard this month, thanks in part to the Chinese central bank devaluing the yuan. This has seen the rand hitting levels not seen in 14 years against the greenback.

A lower oil price means lower fuel prices

Yet the AA said that thanks to the oil price continuing to ebb, “there is still a reasonable prospect of a drop in the fuel price at the end of the month,” reports Fin24. Good news for motorists and inflation.

The AA points out that if the rand hadn’t weakened as much as it has, the cut to the fuel price could have been over 80c a litre, says IOL.

The oil price has been under pressure lately due to “elevated stockpiles in the US and increasing production from OPEC, [along with] sluggish demand and a stronger US dollar,” adds Fin24.

But a drop in the fuel price at the beginning of next month could be the last for the moment.

This is thanks to “a slight levelling off in international fuel prices,” says IOL. And going forward the AA warns that “motorists will be at the whim of the rand”.

So it’s looking like positive news for motorists come 2 September.

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The fuel price looks set for a hefty cut next month despite the rand falling through the floor
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