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Happy New Year: Fuel prices set to decrease on Wednesday.

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The petrol price drop brings much relief for South African consumers after many hikes in 2017.

 

Welcome news for motorists is that the petrol price is to drop by between 29 and 34 cents per litre on Wednesday.

The Department of Energy announced on Saturday that 95-octane will go down by 34 cents per litre, while the 93-octane is set to decrease by 29 cents per litre.

The price of diesel will drop by 22 and 26 cents respectively and Illuminating paraffin will cost 37 cents less.

The department’s Robert Maake says: “The price decreases will be effective from Wednesday, 3 January 2018. The main reason for the decreases is the strengthening of the rand against the dollar during the period under review.”

It attributed the decrease to the rand appreciating against the US dollar‚ which led to a lower contribution to the basic fuels price on petrol‚ diesel and illuminating paraffin.

Since Cyril Ramaphosa was elected president Jacob Zuma’s successor as head of the African National Congress (ANC) last Monday, the rand has gained close to 10% against the dollar, making it one of the best performers among EM currencies.

The currency is about 13% firmer than it was in January.


Sources: Times Live
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