The petrol price will increase by 1c/ℓ on August 1, while the diesel price will decrease by 4c/ℓ, the Central Energy Fund (CEF) has revealed.
Illuminating paraffin will increase by 4c/ℓ and liquefied petroleum gas by 17c/kg.
The CEF attributed the changes in fuel prices to the depreciation of the rand against the dollar to R13.50, compared with R13.29 in the prior review period, while the average Brent crude oil price decreased from $74.26/bl to $72.15/bl.
“The oil markets started falling since last week as the Organisation of Petroleum Exporting Countries and Russia increased production. The commitments from Russia and Saudi Arabia to increase production and improved supply from Libya continue to weigh on oil prices.
“Furthermore, reports that China will increase infrastructure spending helped to lessen fears that the US–China tensions will reduce the country’s demand for oil,” the CEF noted.