According to Lebo Ramolahloane, vice chairman of the South African Petroleum Retailers Association (SAPRA), the price drop is attributed to a strengthening Rand against the US Dollar and lower Brent Crude Oil prices.
"This timely reduction not only benefits your wallet but also enhances the holiday experience, making travel and daily activities more affordable," says Ramolahloane.
"As retailers, we are thrilled to see our customers get more value for their hard-earned money during this special time."
June Fuel Price Decreases:
• ULP 95: R1.24 decrease
• ULP 93: R1.24 decrease
• 500ppm Diesel: R1.19 decrease
• 50ppm Diesel: R1.09 decrease
• Illuminating Paraffin: R1.07 decrease
• LP Gas: R1.35 per kilogram decrease
The decrease in fuel prices will have a ripple effect on the economy, with benefits extending beyond the immediate relief for consumers.
Ramolahloane notes that reduced commuter costs will give families more spending power, boosting local businesses and stimulating the economy.
"With more disposable income, families are likely to spend more on local services and retailers," he says.
"From dining at local restaurants to shopping at convenience stores, this increased spending supports the community and stimulates the local economy."
The lower fuel prices are also expected to drive increased foot traffic to fuel stations, offering retailers the opportunity to showcase their additional services and products.
"From convenience stores to on-site restaurants, these visits can lead to increased sales across various segments," Ramolahloane explains.
Beyond the immediate benefits for families and retailers, the fuel price drop carries broader economic implications.
Lower fuel costs can help curb inflation, stabilise prices for goods and services, and bolster consumer spending, contributing to higher GDP growth.
"We are committed to ensuring that our customers get the most value for their hard-earned money, making this holiday season one to remember,” concludes Ramolahloane.
“Enjoy the savings, support your local retailers, and make the most of the holiday season!"
