Notable drop in fuel prices expected in July, says AA | IOL News

CAPE TOWN - The Automobile Association of South Africa on Friday said it was predicting a 91 cents a litre drop in the petrol price for July due largely to a "remarkable drop in the price of oil since the end of May".

In a statement, the AA said it expected diesel to drop by 70 cents a litre and illuminating parafin by 62 cents a litre after analysing the Central Energy Fund's unaudited mid-month fuel price data."Crude laboured above $70 a barrel for large portions of April and May, as the tug-of-war continued between the OPEC countries, which favour ongoing output restrictions, and the USA, where production is steaming ahead.

The weakening of the rand, caused by public spats among ruling party officials over the mandate of the SA Reserve Bank, would, however, see South Africans not reaping the full benefits of reduced oil prices, the AA said. "If stability returns to the Rand and oil settles at its lower level, there might yet be more good news in the pipeline," the AA said.

"A lot will rely on politicians exercising restraint in their public statements. We urge government to decide on its economic policy clearly and unambiguously in private, before articulating it in public where investors are watching."

Source: Car News Wire (carnewswire.net)

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Good news for motorists as AA predicts handy fuel price cuts in JulyThere could be some relief for motorists as the Automobile Association (AA) has predicted a substantial decrease in petrol and diesel prices at the beginning of July. My birthday month brings all the good news.
Source: TimesLIVE - 🏆 28. / 59 Read more »

The story of the month is definitely oil, says AAThe association expects a big drop in the price of petrol, diesel, and paraffin.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Good news for SA motorists! Huge 91c fuel price drop - AA'Retreating oil prices have painted a rosier picture for South African fuel users than has been the case for much of 2019,' says AA. Wheels24 The question is when and how will it increase by when it because we all it will soon? Wheels24 Not sure if i should be happy or sad. 🤔 Wheels24 ZweliRadebe
Source: News24 - 🏆 4. / 80 Read more »

Good news for motorists as AA predicts handy fuel price cuts in JulyThere could be some relief for motorists as the Automobile Association (AA) has predicted a substantial decrease in petrol and diesel prices at the beginning of July. My birthday month brings all the good news.
Source: TimesLIVE - 🏆 28. / 59 Read more »

Good news for SA motorists! Huge 91c fuel price drop - AA'Retreating oil prices have painted a rosier picture for South African fuel users than has been the case for much of 2019,' says AA. Wheels24 The question is when and how will it increase by when it because we all it will soon? Wheels24 Not sure if i should be happy or sad. 🤔 Wheels24 ZweliRadebe
Source: News24 - 🏆 4. / 80 Read more »

UK businesses can be successful after Brexit, says Prince Andrew | IOL NewsBritain is still wrestling with how, when or even if to leave the European Union, with many business leaders fearing that if there were a no-deal exit from the bloc it would cause serious economic damage. Was there not a referendum to leave in 2016, which leave did win? So why have they not left, why the fuss?
Source: IOL - 🏆 46. / 51 Read more »