According to the Department of Energy, motorists in Gauteng will now pay R13.32 for a litre of 93-octane Unleaded and R13.54 for 95 Unleaded, down from R13.57 and R13.79. A litre of 95 Unleaded at the coast will fall from R13.30 to R13.05 a litre.

The department does not list retail prices for diesel as unlike petrol these vary from station to station, but it does quote wholesale prices of R11.57 (inland) and R11.18 (coastal) for 500ppm diesel.

Could July bring an even bigger price cut?

It’s too early in the month to tell, but so far the rand to oil price ratio is pointing towards a 66 cent-a-litre decrease.

While the Automobile Association expects oil prices to remain stable, the current political uncertainties remain a risk to the local currency in the long term, however.

News that the country is in a technical recession, which came to light on Tuesday, could also weaken the rand over the coming month.

IOL Motoring