Petrol price expected to drop in June
NATION WIDE – With favorable predictions in the pipe line, South African motorists can expect fuel price relief in June.
This is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF). “Our expectation for June is that petrol will drop by up to 26 cents a litre, with a 20 cent drop for both diesel and illuminating paraffin,” said the AA.
Rand strength against the US dollar during May was further supported by retreating international petroleum prices. “Both of these factors have contributed to the reduction in the fuel price,” said the AA. However, continued OPEC production cuts raised concerns in oil producing nations as continued world oversupply of oi was considered.