Cheaper fuel prices to bring relief
Updated | By MornéJK
South African motorists can expect some relief when the fuel prices are announced for the month of June.
According to the Automobile Association (AA), petrol could drop by up to 26 cents a litre, with a 20 cent drop for both diesel and illuminating paraffin.
The AA says the decrease in fuel prices is a result of the Rand strengtening against the US Dollar during most of May, paired with support from retreating international petroleum prices.
"Both of these factors have contributed to the reduction in the fuel price," the AA says in a statement.
The AA adds that OPEC's decision to continue its production cut for another nine months showed that there was concern in oil producing nations about a continued world oversupply of oil.
"This could mean a period of relative price stability. On the home front, the Association said the background political noise affecting the Rand continued to play a role," the AA says,
It further adds that political uncertainty is likely to continue and this could impact South Africa's medium-term outlook for the fuel price, but that lower international petroleum prices will maintain local fuel price stability.
Here are your early morning financial indicators:
US Dollar - R13.02
Euro - R14.49
Pound - R16.65
Gold - $1269.24 per fine ounce.
Platinum - $956.70 per fine ounce.
Oil - $52.29 per Barrel of Brent Crude.
Show's Stories
-
Meet the multi-talented performer Joseph Clark
Ballet dancer by training, rock legend by heart. Joseph Clark's story is...
Stacey & J Sbu 10 hours ago -
These are the three KZN banks that offer smart ID and passport applications
Looking to apply for a Smart ID or passport in KZN? We’ve got the names ...
Stacey & J Sbu 11 hours ago