THE year 2022 has been an uphill battle for Mzansi motorists with the rise of the fuel price.
According to the most recent Central Energy Fund data, the price of 95 unleaded petrol is expected to dip by about R2,28 per litre.
The cost of 93 petrol might fall by about R2,12 per litre, while the price of illuminating paraffin could fall by just over R1 a litre.
Earlier this month, it seemed that petrol would be reduced by R2,60 while diesel would be reduced by more than R2.
But the outlook changed after the oil price recovered from its lows earlier this month, and the rand also lost ground.
Fin24 reports that the rand, which started the month at around R16,60/$, has since crashed through R17.
It was trading at around R16,92 on Monday, while the United States dollar surged to a 20-year high against a basket of currencies after Federal Reserve chair Jerome Powell indicated that interest rates would be kept higher for longer to bring down inflation in the United States.
Markets are now pricing in a 75-basis-point rate hike in the US in September.
