Petrol price to decrease in March

PETROL is set to decrease by eight cents on Wednesday, 1 March  as confirmed by the KZN energy department late last week.

This is due to the rand strengthening against the dollar from R13.60 to R13.30.

The petrol price for both 93 and 95 (ULP and LRP) will drop by 8 cents and the diesel price will by drop by 2 cents.

“The Basic Fuel Price (BFP) of all the products increased in line with the price of crude oil. Exports from China of petrol and diesel, the region’s largest petroleum user, are also down due to good domestic buying before the seven day Chinese New Year holidays,” said Department of Energy spokesman, Thandiwe Maimane.

Some of the factors that contributed to crude oil increase were the strained relationship between Tehran and the United States that raised concerns that US sanctions could be tightened further to impact Iranian oil exports, which were only allowed to return to normal last year. Also OPEC members have reportedly achieved a high level of compliance with the production cuts announced in November last year.

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