RELIEF FOR MOTORISTS
A GS Caltex oil refinery in South Korea. According to Reuters, the oil price continued to experience downward pressure as Asian traders took note of Opec production figures, which indicated that 31.25m barrels of oil had been produced per day during the second quarter. This was 3m more than the daily demand of 28.26m, Reuters reported.
According to Reuters, at the time of going to print, Brent futures for September were at $53.08, while US crude for September delivery was at $47.78 per barrel.
Meanwhile, the Automobile Association of South Africa said it was expecting local fuel prices to go down on 5 August on the back of the downward trend in international oil prices. It expected the petrol price to decrease by between 47c/l and 49c/l, diesel by about 70c/l, and paraffin by about 68c/l, Fin24 reported.