Ricochet News

Petrol price to drop by 69 cents from next month

Petrol price to drop by 69 cents from next month

The Department of Energy has confirmed that the petrol price would decrease by 69 cents per litre from next week Wednesday.

Diesel will decrease by between 51 and 54 cents a litre while illuminating paraffin will be 74 cents a litre cheaper. The price of Liquefied Petroleum Gas (LPG) will go down by 115 cent per kilogram.

The latest decline comes after a price cut of 51 cents was imposed for August on the back of falling international oil prices, due to a slowdown in the Chinese economy.

In a statement, the Automobile Association (AA) however stated that the continuing decline of the rand against the US dollar could result in a steep price increase once the price of oil stabilises.

A short while ago, the national currency was trading at R13.27 against the Dollar with Brent Crude Oil coming in at $47.72 a barrel.