Fuel price cuts linked to GNU economic stability

RECENT consecutive decreases in the price of fuel is a result of the rand strengthening against the US dollar, and is testament to the growing confidence in the South African economy.

This was the sentiment of James Lorimer MP, DA Spokesperson on Mineral and Petroleum Resources, in a statement on Tuesday.

The party welcomed the latest round of significant fuel price cuts, with Lorimer saying they reflect the tangible benefits of the GNU.

“The improved political stability and centrist approach of the GNU have fundamentally strengthened South African assets, particularly the rand, which has gained around 6% in value since the formation of the new government,” said Lorimer.

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“This strengthened rand, now trading at its best levels since July 2023, has provided much-needed relief to South African motorists, who can expect continued reductions in fuel prices.”

October fuel price cuts
Taking effect tomorrow (Wednesday), this the fifth consecutive price reduction across most fuels will see petrol 93 and petrol 95 motorists paying R1.06/litre and R1.14/litre less at the pumps respectively, while users of LP gas gain an increase of 23c/kg.

Diesel (0.05% wholesale) will drop by R1.14/litre, while diesel (0.005% wholesale) will be reduced by R1.12/litre, and illuminating paraffin users will pay R1.11/litre less.

While motorists welcome the latest announcement, many are left wondering whether or not the price of food and other goods will follow suit.