Fuel price reductions, announced in early March, were expected to be followed by more substantial decreases for both petrol and diesel in April in South Africa.

Data from the Central Energy Fund (CEF) suggested that the prices of petrol could fall by approximately 93 cents for 95 Unleaded and 80 cents for 93 Unleaded. Diesel prices were anticipated to decrease by between 92 cents (500ppm) and 94 cents (50ppm).

Should these predictions prove accurate, the price of 95 Unleaded petrol was forecast to drop to around R20.60 at the coast and R21.40 inland, with 93 Unleaded likely to land at approximately R21.25.

Also Read: Govt announces reduction in petrol, diesel prices

This would follow a reduction of seven cents in the price of both grades of petrol at the start of March, which came after a series of price increases throughout the previous months.

Increases had been recorded in February (82 cents), January (19 cents), December (17 cents), and November (25 cents).

The predicted fuel price drops for April were largely attributed to lower international product prices.

A slightly stronger rand also contributed an additional seven cents to the current over-recoveries on both petrol and diesel.

However, the extent of these anticipated reductions depended on oil prices remaining at their current levels or declining further for the remainder of March.

Since early March, the price of Brent Crude oil had dropped, following an announcement by the oil cartel OPEC+ to increase oil production.