Fuel price increases on the cards for July as volatility rocks oil market
Petrol and diesel prices are set to increases from December 4. Petrol and diesel prices are set to go up at the beginning of July.
Petrol and diesel are set to become more expensive from the beginning of July.
This is thanks to the recent escalation of conflict in the Middle East, following US and Israeli attacks on Iranian nuclear facilities, which has fuelled fears of a wider conflict in the region.
Although the latest data from the Central Energy Fund (CEF) shows under-recoveries of between 43 and 46 cents for petrol and 69 to 71 cents for diesel, which would theoretically predict next month's increases, these numbers are based on averages for the month, which are currently growing by the day due to higher international oil prices.
Should current oil price trends persist for the coming week, the petrol price increase for July is likely to exceed 60 cents, while diesel could see hikes of more than 80 cents.
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