Govt confirms 'significant' drop in fuel price in August
Motorists could be in for some relief at the pumps in August after government confirmed fuel prices are expected to drop 'significantly'.
This follows a drop in international petroleum product prices, including crude oil prices, a reduction on average of about 10% compared to last year.
In a statement, the Energy Department said a formal announcement will be made on Friday.
"The department can confirm that there will still be a sizeable reduction in fuel prices, including paraffin for South Africans.”
READ: Govt moves to deregulate petrol price
Last week the department said the exchange rate between the US dollar and the Rand proved to be the stumbling block when it comes to the fuel prices for August.
Meanwhile, the department has gazetted a notice calling for public comment on a proposed price cap on 93 octane petrol.
"No disruptions are expected in the fuel market as 93 octane accounts for a small portion of the market. However, this will allow the department to monitor how the market will react to the capping of the price."
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