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Cape Town - Fuel prices in South Africa
could come down a few cents in June if the rand/dollar exchange rate
stabilises over the rest of the week and there are no drastic fluctuations in
international fuel prices.
The latest figures from the department of energy show an average over-recovery of 18.8c/litre for petrol in the period
March 31 to May 20.
This means that on June 2, the first
Wednesday of June, petrol prices could be reduced at least 18c/litre if
factors affecting price remain the same until Thursday – the last day of the
review period, on the basis of which June's price adjustment will be
determined.
For diesel there is an over-recovery of
6.1c/litre.
An over-recovery of 6.1c/litre means that
the public is currently paying 6.1c more for diesel than the basic price
formula determines.
For paraffin there is an over-recovery of
5.2c/litre.
Petrol currently costs R8.72/litre for 95
octane in Gauteng, and R8.48 at the coast. Wholesale diesel costs R7.81 in
Gauteng and R7.67 at the coast.
According to Bank of America Merrill
Lynch’s weekly energy report, because of the weaker euro American oil prices
last week fell from a high of $86/barrel two weeks ago to less than $70/barrel.
Researchers at Bank of America Merrill
Lynch now think that their initial forecast of an average oil price of
$92/barrel for the second half of the year was somewhat high. But they still
expect oil prices again to break through the $100 level next year on the
strength of the global economic recovery.
A build-up of crude oil supplies in
the US has contributed to lower oil prices.
- Sake24.com
For business news in Afrikaans, go to www.sake24.com.