Lifestyle

High petrol price nonsensical

01 September 2009 - 19:39 By unknown
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CAN someone in the industry please explain, without all the bull, the statement that we are not getting a petrol price reduction because the rand has dropped against the dollar.

CAN someone in the industry please explain, without all the bull, the statement that we are not getting a petrol price reduction because the rand has dropped against the dollar.

Two months ago, oil was $146 a barrel. At R7 to a dollar, it was R1022 a barrel.

Now oil is $66 a barrel, and the rand is R10 to a dollar, translating to R660 a barrel.

Hello? There has been a reduction of R362 a barrel. - Keith

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