Drop at the pumps: May figures confirmed

Handle fuel nozzle to refuel. Vehicle fueling facility.

Price of all grades of petrol will drop by R1.74 per litre.

The Department of Energy has divulged details of the second record fuel price cut set to come into effect tomorrow (6 May).

In-line with last week’s final prediction by the Automobile Association (AA), the price of all grades of petrol will drop by R1.74 per litre, diesel by between R1.56 and R1.61 per litre and illuminating paraffin by R2.23 per litre.

“The Rand depreciated against the US Dollar during the period under review, on average, when compared to the previous period. The average Rand/US Dollar exchange rate for the period 27 March 2020 to 29 April 2020 was 18.47 compared to 16.43 during the previous period. This led to a higher contribution to the Basic Fuel Prices on petrol, diesel and illuminating paraffin by 33.57 c/l, 41.94 c/l and 29.98 c/l respectively,” the Department said.

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