Good news for motorists: Here’s how much petrol and diesel prices could drop in August

Cape Town – South African motorists could be in line for another round of fuel price cuts in August if current market trends continue.

According to early Central Energy Fund (CEF) data, petrol is showing an over-recovery of about R2.04 per litre, while diesel is over-recovered by between R2.22 and R2.60 per litre, suggesting sizeable price decreases next month.

The improved outlook follows easing global oil prices after the US and Iran signed an agreement to reduce tensions in the Middle East, helping stabilise oil supply concerns. A stronger rand has also contributed to the positive fuel price outlook.

If the trends persist, August could see petrol prices fall by around R2.02 to R2.04 per litre, diesel by R2.22 to R2.60 per litre, and illuminating paraffin by R2.52 per litre.

The outlook comes after significant fuel price cuts in July, despite the reinstatement of the full fuel levy following the end of temporary government relief measures.