Mid-month data from the Central Energy Fund indicates stable fuel prices for August, with a slight decrease for petrol and a minor increase for diesel.
According to the CEF, petrol prices are expected to drop by around eight cents per litre, while diesel prices may rise between one and 15 cents per litre.
This marks a change from recent months' downward trend, with prices stabilizing due to global conditions.
Markets this week are likely to take direction from the fallout of the attempted assassination of former US President Donald Trump over the weekend - likely to cause market uncertainty.
Expected changes:
Petrol 93: decrease of 5 cents per litre
Petrol 95: decrease of 8 cents per litre
Diesel 0.05% (wholesale): increase of 1 cent per litre
Diesel 0.005% (wholesale): increase of 15 cents per litre
Illuminating paraffin: increase of 8 cents per litre
BP's latest energy outlook predicts that global oil demand will peak in 2025, though the decrease will be slow, with significant consumption still expected in 2035.
The energy transition is facing setbacks due to slowing electric vehicle sales, inadequate expansion of renewable energy capacity, and increasing electricity prices.
Additionally, the rising energy demands of developing countries contribute to the ongoing dependence on oil and gas, despite efforts by developed nations to cut back on usage.
Brent crude traded at $85.10 a barrel.
The rand held on to its Friday gains against the dollar, following surprisingly soft inflation data out of the US which spurred speculation that the Federal Reserve will cut interest rates in September.
The rand traded a few cents over R18.00 against the dollar on Monday, with direction likely to come from US political discourse.
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