International oil prices have steadied after a spike earlier this week, but modest reductions in fuel prices are still expected in June.
According to the latest data from the Central Energy Fund, petrol prices could drop by about 40 cents per liter, while diesel might fall by around 75 cents.
However, if oil prices stay at their current level until the end of the month, these savings could shrink to roughly 15 cents for petrol and 40 cents for diesel.
On Wednesday, Brent Crude oil prices hovered near two-week highs, around US $66 per barrel (about R1,207). This is slightly below the $66.40 average from the previous review period, which set the current fuel prices.
While oil prices have little impact on the June fuel price forecast, the South African rand is playing a key role. The rand has strengthened to an average of R18.38 to the US dollar so far this month, compared to R18.83 during the last review period.
This stronger rand is helping to offset oil price pressures and supports the possibility of lower fuel prices next month.
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