Fuel price drop on the cards for July

FNB has come up with a way for customers to pay for purchases using eBucks without having the carry the eBucks card. Image: iStock
This is based on data which comes 12 days into the 28-day cycle and after five consecutive fuel price increases.

If the latest data released by the Central Energy Fund is anything to go by, a petrol price decrease of around 90 cents a litre and 70 cents a litre for diesel could be on the cards in July if current trends persist.

This data, which looks at what will determine July’s prices, comes 12 days into the 28-day cycle and after a consecutive five increases.

A report published by Independent Media attributes this to plunging oil prices which have fallen from an average of US $71 in May to around $62-63 in June so far.

If the rand had not taken a dip following the ANC’s publicised battle over the Reserve Bank’s mandate, motorists could have seen a bigger price cut.

According to the publication, the nation’s dismal GDP figures and US President Donald Trump’s ongoing trade wars also affected the rand’s performance.

Kaunda Selisho / The Citizen