Petrol price down 51 cents

BY CHARL BOSCH - JULY 31, 2015

The Department of Energy has announced that the price of petrol will drop by 51 cents a litre from next Wednesday.

Diesel will decrease by between 73 and 75 cents a litre while illuminating paraffin will be 70-95 cents a litre cheaper. The price of Liquefied Petroleum Gas (LPG) will go down by 56 cent per kilogram.

Economist Neil Roets has however stated that the relief could be short-lived after the Rand plummeted to a 14-year low against the US Dollar earlier today.

“It is belt tightening time for the storm that might hit us later this year, as there is almost certainly going to be another interest rate hike. It is also a given that if the rand keeps trading at its current level, we are going to be looking at a substantial fuel price increase next month,” Fin24 quoted him as saying.

A short while ago, the national currency was trading at R12.64 against the Dollar with Brent Crude Oil coming in at $52.84 a barrel.