Another rapid decrease in petrol price
The price of petrol is due to decrease rapidly by midnight.
Fuel prices will drop by nearly R1.00 per litre resulting in motorists paying R10,09 from R11,02 for unleaded 93. The price for unleaded 95 will drop from R11.24 to R10.31 and the price for LRP (Lead Replacement Petrol) will drop from R11.02 to R10.09. The price of diesel will fall by R1,02 per litre.
Although the decrease in fuel prices has a positive effect on people’s pockets, economist Chris Hart in a press statement says “oil prices will probably go up again soon which will build up some resilience for high prices later, but right now it will help boost economic growth.” Economists has also warned the decrease in fuel prices will result in an increase in the fuel tax. Chief economist at the Efficient Group, Dawie Roodt said in a recent statement that “the good news will not last forever.”
The rise or drop of the petrol price in the future will, however, depend on how strong or weak the Rand is to the dollar.
Shenaz Surtee, owner of the Total garage in Witpoortjie says the decline in fuel prices will mean that more people would refuel their tanks at the garage which would result in more generated income. However, she does not think the fuel prices will remain low and she believes the decrease in the fuel prices is not good to the exchange rate.
“It is good that the fuel price went down but I want the food price to go down too. I would like the taxi fare to go down but the taxi fare would not drop because taxi drivers are trying to make their own money,” says petrol attendant Abel Dire.
