Petrol price could drop by R1

The petrol price is falling so quickly that a further reduction of R1 may be on the cards, according to economist Mike Schüssler of economists.co.za.

“About two weeks ago I thought it would drop another 25 cents, then about a week ago it looked like it would be a 50 cents drop. Now it is looking like a rand decline could become true,” he said.

“That would be the second R1 decline and would bring the whole reduction to over R4 or a saving of R580 per month for the average motorist.”

This will again boost consumer spending on other products and services, in his view.

Full story

via Fin24