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.
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.
