Motorists will see a massive fuel price reduction at the pumps on Wednesday, the Department of Energy has announced.
The price for both grades – 93 and 95 of petrol – will decrease by R1.84 per litre.
Diesel will decrease by R1.45 and R1.47, and illuminating paraffin will drop by R1.33.
The price cuts will come as a relief for consumers after the South African Reserve Bank’s Monetary Policy Committee (MPC) decided to increase the repurchase rate by 25 basis points to 6.75% late last month.
International oil prices have continued to fall, while the rand made strong gains against the dollar in November.
Brent crude traded below $60 per barrel, having topped $80 in September.
Bloomberg reported that the rand’s gain of 8.1% against the dollar in November, was surpassed only by a 9.1% advance in November 1988.
The local unit has come under renewed pressure in early December however, due to Eskom power cuts.
|Fuel||November official||December official|
|0.05% Diesel (wholesale)||R16.13||R14.68|
This article was sourced from BusinessTech; for the original article, click here.