Hefty drop in petrol price announced

Welcome news for motorists is that the petrol price is to drop by between 29 and 34 cents per litre on Wednesday.

The Department of Energy announced on Saturday that 93 octane petrol would decrease by 29c/l and 95 octane by 34c/l.

It attributed the decrease to the rand appreciating against the US dollar from R14.10 to R13.27 on average during the period under review‚ which led to a lower contribution to the basic fuels price on petrol‚ diesel and illuminating paraffin by 42.03c/l‚ 42.75c/l and 42.90c/l respectively.

The decrease was partially offset by an increase in crude oil prices due to a shrinking US stockpile and a North Sea oil pipeline remaining shut.

Diesel will decrease on Wednesday by between 22c/l and 26c/l‚ while the wholesale price of illuminating paraffin will drop by 29c/l and the retail‚ price of LP gas by 71c/kg.