December fuel prices projected to bring significant savings
Data from the Central Energy Fund may spell relief for motorists in the form of sharp fuel price reductions in December.
FESTIVE season travel plans may not be as heavy a burden on the wallet for motorists as expected, with early fuel price predictions pointing to fuel relief.
Early findings released by the Central Energy Fund (CEF) signal that petrol prices could cut up to R2.53 per litre for 95 Unleaded and 62 cents for 50ppm diesel.
Also read: Slight fuel relief at the pumps in November
Motorists, however, should not get too excited, as the treasury’s temporary general fuel levy reprieve is being scaled down in December, adding a potential 50 cents to the price of petrol and R1.50 to diesel. Oil price trends suggest the price cuts could grow by the end of the month, while the slate levy, which added to the fuel bill this month (November), may also be scaled down.
The positive CEF trends are a direct result of lower international oil prices, with Brent crude dropping around 15% following Donald Trump’s defeat in the US midterm elections.
If the US does, however, continue its conflict in Iran over the Strait of Hormuz, fuel prices could still skyrocket.
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