Fuel Prices Expected to Fall in August: What Motorists Should Know
- South Africans can expect some relief at the pumps as fuel prices are expected to come down in August 2024
- The Central Energy Fund’s July 2024 month-end data anticipated a price decrease across the board
- Many netizens weren't impressed by the slight decrease, with some predicting a steep price hike in the coming months
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Zingisa Chirwa is an experienced Briefly News journalist based in Johannesburg, South Africa, who has covered finance and current affairs on the radio for over 15 years.
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Motorists can expect some relief at the pumps as fuel prices are predicted to drop in August 2024.
The Central Energy Fund’s July 2024 month-end data anticipated the petrol price would drop by between 7 and 11 cents per litre, while diesel was expected to decrease by between 9 and 22 cents per litre. Illuminating paraffin would see a decline of about 16 cents per litre.
Rand's strength
According to BusinessTech, the across-the-board declines were driven by the stronger rand/dollar exchange and the flat global oil prices, which came down during July.
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The price drop was expected to take effect on Wednesday, 7 August 2024.
Mzansi indifferent about price drop
Scores of social media users were unmoved by the predicted price drop, with some anticipating a steep price increase in the coming months.
Charles Litago said:
“The 5 cents decrease before the R2 increase. Aka, The calm before the storm.”
Dawid Grobler added:
“Too small. Why not just leave it where it is? It won't make any difference. December it will go up with R2.”
@TCOBOM commented:
“9 cents, story?”
@Alipor_Sheikh clapped:
“2 cents 👏👏👏”
@Fhumu_Hush
"How is 11 cents good news 🙄"
"The real cost of living": Citizens share monthly expenses
Briefly News reported that the ongoing economic struggle sparked conversations about finances on social media.
South Africans shared their financial struggles, with some barely covering school fees and rent.
The comments revealed many challenges, highlighting the widespread strain on households.
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Source: Briefly News
