Relief for motorists as the Ministry of Mines and Energy announces fuel reduction

The Ministry of Mines and Energy has announced that petrol prices will decrease by 80 cents per litre,  diesel with 50ppm will decrease by 60 cents per litre and diesel 10ppm will decrease by 70 cents per litre. The changes come into effect on Wednesday 3 July 2024. Cirrus Capital economist Robert McGregor says despite the decreases we face for July, the fuel prices for both diesel and petrol are still in the region of 13% higher than they were a year ago.

McGregor adds that the political developments in South Africa have seen the rand rally, which does provide further room for downward adjustments in the future, provided these do hold. However, there are still risks around the conflict in the Middle East.