Petrol price 'going down'

With only days left before the monthly fuel price adjustment is announced, it looks very likely that petrol prices will come down by nearly 70c a litre.

The price has been above R14 a litre and close to record levels in the past six months. It has been a big contributor to inflation rising above the upper limit of the Reserve Bank's target of 3% to 6%.

The latest daily update from the Central Energy Fund shows that the past month's lower "international product prices" have led to an over-recovery of more than 68c and 62c on 95 octane and 93 octane respectively.

Diesel is also likely to be about 19c cheaper next week, looking at the CEF's numbers.