Good news may be on the cards for consumers as a weakening global oil price is keeping South Africa on track for another big cut to petrol and diesel prices in December.
According to the latest data from the Central Energy Fund, petrol prices are showing an over-recovery (indicating a price cut) of between R1,23 and R1,27 per litre, while the wholesale prices of diesel are eyeing another cut of almost R2,00 per litre.
Both the Rand and the global price of petroleum products – driven by oil – are working in motorists’ favour, though the bulk of the legwork is coming from oil.
The rand has strengthened well below R19 to the dollar since Finance Minister Enoch Godongwana tabled a distressing but palatable medium-term budget at the start of the month.
