Positive market moves will likely make fuel a bit cheaper next week.
A lower global oil price and a slightly stronger rand are serving to benefit local diesel prices, according the Bureau for Economic Research .prices could come down between 26 cents and 51 cents per litreIn its weekly market note, the BER said that the rand put in a “somewhat” better performance last week after starting on the back foot, ending the week “a touch stronger against the US dollar”.
Oil prices were pushed lower in March 2023, hitting around $74 a barrel by the end of the month. This prompted oil-producing nations to cut daily supply, artificially boosting the price to around the $85 a barrel level.For the last week, though, oil prices kept falling in Asia — losing almost 6% last week — as the outlook for global demand remained in question and Asian fuel markets flashed warning signs on shrinking refining margins.
Despite the bleak outlook for petrol prices, lower diesel prices will have a positive knock-on effect on the wider South African economy.
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