Cape Town – Motorists can prepare themselves for a good start to 2015 as a hefty fuel price drop becomes very likely amid a continuous drop in international oil prices.

Commenting on unaudited mid-December fuel price data released by the Central Energy Fund, the Automobile Association said the fuel price drop predicted by the data could be among the largest on record.

International oil prices have dropped steeply and on Wednesday both US crude and Brent North Sea crude prices dropped below the $60 per barrel level as the market battled with an oversupply.

The AA said its predicted drop is notwithstanding a gradual weakening of the rand/US dollar exchange rate over the last two weeks.

On Wednesday the rand was trading at a six-year low of R11.70/$.

According to the AA, petrol is set for a drop of up to 107 cents per litre, while the decline for diesel is likely to be around 85c based on current data.

Illuminating paraffin is showing a potential reduction of about 90c/l.

The AA said that the likely month-end figure is difficult to predict, as international petroleum prices continue to decline while the rand follows its weakening trend against the US dollar.

“To date, the weakening exchange rate has been outstripped by the reduction in petroleum prices and if this trend continues, the price motorists pay at the pumps could drop well below R12 per litre by month-end,” the Association said.

“We will monitor this trend closely and update motorists as the new year approaches.”