January boost for motorists as fuel price drops
The price of petrol decreased by R1,27 per litre while diesel decreased by R1,23 per litre.
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With the low demand of oil, the price of fuel has dropped.
The price of petrol decreased at midnight with the price of petrol dropping by R1,27 cents a litre while diesel dropped by R1,23 cents.
Minister of Energy Tina Joematt-Pettersson said the huge decrease in fuel prices would be a relief to motorists and users of LPG and paraffin, particularly low-income households.
The department said the main reason for the decreased fuel price is the continued drop in the price of crude oil which led to a decrease in the prices of petroleum products in the international markets.
“There was a time when I paid R100 for less than 8 litres of petrol in 2014. The drop will help me save.” said a motorist.
Economists predict a further drop, with an expected boost in industries and a relief for low-income households.
The fall of global oil prices has seen the rand firm against the US dollar.