South African motorists could soon breathe a sigh of relief, with early data suggesting a significant drop in petrol prices next month, reports Cape town Etc .
According to the latest unaudited data from the Central Energy Fund CEF , petrol prices could decrease by as much as 48 to 51 cents per litre, while diesel may drop around 10 cents. If current trends hold, the cuts could deepen even further to up to 70 cents for petrol and 30 cents for diesel.
The potential price relief comes on the back of a stronger rand and declining international oil prices, both of which have improved over the past few weeks. The rand is currently trading at around R17.21 to the US dollar, its strongest level in nearly a year. Meanwhile, the price of Brent Crude oil has slipped below 65 per barrel, marking a four-month low and a 6.5 decline from last weeks peak.
