BRITS POS – BRITS - Mid-month data from the Central Energy Fund points to flat fuel prices in August, with a negligible cut on the cards for petrol and a small hike for diesel.
The data from the CEF shows that petrol prices are slated for a small cut of around 8 cents per litre, while diesel prices are on track for a price hike of between 1 to 15 cents per litre.
This is a reversal of the downward trend seen over the past few months, with prices appearing to stabilise based on global conditions.
However, the alleged attempted assassination of former US president Donald Trump at the weekend has also caused a shift in markets, which is not yet reflected in the latest data.
Early trade on Monday in South Africa reflected similar conditions to last week’s close—but the uncertainty the event has added into the mix means that global market conditions could shift before the end of the month.
These are the expected changes:
Petrol 93: decrease of 5 cents per litre
Petrol 95: decrease of 8 cents per litre
Diesel 0.05% (wholesale): increase of 1 cent per litre
Diesel 0.005% (wholesale): increase of 15 cents per litre
Illuminating paraffin: increase of 8 cents per litre
Domestic fuel costs are primarily governed by the rand/dollar exchange rate and international oil prices. In South Africa, the fuel price is adjusted on the first Wednesday of every month based on these two factors: Oil prices and rand/dollar.
In early trade on Monday, the rand pushed back over R18 to the dollar.
