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Predicted July petrol price drop to be a tad higher


The Automobile Association (AA) has forecasted a slightly bigger drop in the price of petrol for July than originally anticipated.

Commenting on unaudited data released by the Central Energy Fund on Wednesday, the Association said it expects the price of petrol to drop by 69 cents a litre, diesel by 62 cents and illuminated paraffin by 58 cents come Wednesday July 5th.

"The Rand remained firm over the past month, apart from a brief reversal caused by the Public Protector's controversial comments on the role of the Reserve Bank," the AA said in a statement.

"At the same time, international petroleum prices maintained their downward trajectory. This adds up to a pleasing drop in the fuel price which will be a patch of good news for many in the current economic conditions".

It however warned that fuel price predictions for the medium-term remain difficult to calculate, and that "users [need] to create space in their budgets for price increases if the picture should deteriorate further".

Earlier today, the Rand was trading at R13.00 to the US Dollar with Brent Crude Oil at $46.44 a barrel.

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