SOUTH AFRICA - RELIEF FOR MOTORISTS AS PETROL PRICES SET TO DROP ON WEDNESDAY

Minister of Mineral Resources and Energy Gwede Mantashe has announced on Monday that motorists will be paying 13 cents per litre less for petrol and 5 c/l less for diesel from midnight on Tuesday.

In a statement released on Monday, Mantashe said the reason for the decrease in the fuel prices was due to lower global crude oil prices during the period under review.


The current price for a litre of unleaded 95 octane petrol is R16.16. From Wednesday, this is expected to fall to R16.03/l.

International oil prices have risen and fallen during the month of January, which is why the lower international oil prices that we’re currently seeing will only properly reflect in the March fuel price, assuming of course that the oil market does not recover during the month of February.

It is believed that the upcoming Budget Speech and fears of a Moody’s downgrade are currently weighing on the currency.

via - IOL