Johannesburg - It's more good news for motorists.
The petrol price looks set to drop another 69c by month-end.
The Automobile Association (AA) said the ongoing strength of the rand had outmuscled a climbing oil price, raising the possibility of substantial fuel price cuts.
This is based on unaudited, mid-month fuel price data released by the Central Energy Fund.
“The rand firmed substantially against the US dollar in the first fortnight of August,” said Layton Beard, spokesman for the AA.
“However, international petroleum prices showed a sharp jump over the same period.
“Fortunately for South Africans, the rand is ahead in the contest, and the current data indicates considerable price reductions at month end,” he said.
Petrol is being slated for a reduction of up to 69c a litre, diesel 94 cents, and illuminating paraffin is showing a potential drop of 92c.
“The fuel price for September will depend on whether the rand can continue to counter upward trends in international petroleum prices,” said Beard.@annacox