July petrol and diesel price outlook: here’s what to expect next month

Following June’s big price cuts, July will bring smaller adjustments for petrol and diesel. File picture: Ayanda Ndamane

Following June’s big price cuts, July will bring smaller adjustments for petrol and diesel. File picture: Ayanda Ndamane

Published Jun 30, 2023

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Following the significant petrol and diesel price decreases at the beginning of June, motorists can expect far smaller price adjustments in July.

Month-end data from the Central Energy Fund is pointing towards small decreases for both grades of petrol, with 95 Unleaded showing an over-recovery of 17 cents and 93 Unleaded looking set to come down by around 24 cents.

Unfortunately there’s some bad news for those with diesel vehicles, with the CEF numbers pointing towards increases in the region of 12 cents for 50ppm diesel and 18 cents for 500pm.

But while this data shows us the direction that fuel prices are moving in, those numbers are not set in stone. Other factors such as the Slate Levy could have a bearing on the final prices, which are set to be announced early next week.

The price changes will take effect on Wednesday, July 5.

If the above predictions materialise, South Africans will be paying around R21.70 for a litre of 95 Unleaded at the coast and R22.43 inland, where 93 ULP will cost in the region of R22.10.

The price adjustments are determined by international oil prices as well as the performance of the local currency. Both have shown volatility this month, with Brent Crude oil having inched slightly higher to $76 earlier in the month, before sinking to below $74 in the latter parts of the month.

The rand initially rallied to around R18.15 mid-month, before rising to R18.86 on June 29. This is still lower, however, than the average of R18.98 recorded the previous month.

Watch this space for the official fuel price announcement in early July.

IOL Motoring