Massive petrol price drop in South Africa
The Department of Energy announced on Friday that the price for petrol and diesel will drop on the 3rd of September 2014 (Wednesday).
The price of petrol will drop by 67 cents a litre, while diesel will drop by 25.38 cents a litre. Illuminating paraffin (SMNRP) will decrease by 25 cents a litre and liquefied Petroleum Gas (LPG) will decrease by 108 cents per kilogram.
The petrol price in South Africa has dropped three times in 2014, with the last decrease occurring in June.
The Department has said that the price drop is due to the low price of crude oil and the stability of the Rand against the US dollar.
Director at economists.co.za, Mike Schüssler told Fin24 that "With really slow economic growth and consumers under pressure, the decrease comes at a time when this decline could really help the overall economy and particularly hard pressed middle class in SA.”
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Energy Minister, Tina Joematt-Pettersson, has welcomed the huge decrease in the fuel prices, saying they will be a big relief to motorists and users of Liquefied Petroleum Gas (LPG) and paraffin, especially in low income households.
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