THERE may just be a glimmer of light for hard-pressed motorists with a possible drop in the fuel price following a decline n the global oil price.
According to First National Bank Chief Economist, Sizwe Nxedlana, the price of brent crude oil has dropped from more than 60-dollars a barrel, and is presently trading at 52-dollars. He said the reasons were a substantial oversupply in global markets. However, he said the lowered price in oil was overshadowed by the weakness in the exchange rate, rising interests rates in the USA and the continued pressure on the rand.
Last month, the Energy Department announced a 44-cents increase for 93 octane, while 95 octane increased by 41-cents.
The department is expected to announce the fuel price adjustments tomorrow.
