Ricochet News

Huge petrol price decrease for August expected

By Charl Bosch - Jul 29, 2016
Huge petrol price decrease for August expected

The Automobile Association (AA) has said is expects the price of petrol to drop by as much as R1 per litre for August given the current strength of the Rand and effects of Britain’s shock exist form the European Union.

In a statement, the association said the price of diesel is likely to go down by 70 cents per litre and illuminating paraffin by 66 cents.

“The rand has continued its recent march against the US dollar with an almost uninterrupted two-month streak of gains. The local currency was pegged at R15.70 to the dollar at the end of May, but is now sitting around the R14.20 mark,” the association’s statement read.

A short while ago, the national currency was trading at R14.13 against the Dollar with Brent Crude Oil at $42.83 a barrel.