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The petrol price will drop 67c next Wednesday

by , 28 November 2014

After much speculation, the price of petrol will drop significantly next week, along with the price of diesel.

The falling oil price and a steady rand have helped contribute to another fall in the fuel price.

Let's take a closer look…

The price of petrol and diesel will both fall

Earlier today, the Department of Energy confirmed that both the petrol price and the diesel price will drop significantly from Wednesday 3 December, reports Fin24. The prices of illuminating paraffin and LP gas will also drop.

The petrol price will fall by 69c a litre, says IOL. The diesel price will drop by 54c a litre.

This is a larger drop than at the start of this month.

On 5 November, the petrol price dropped 45c a litre, and the diesel price dropped 60c a litre, notes iAfrica.

This cut is slightly less than the AA predicted earlier in the month following the release of mid-month data from the Department of Energy. The organisation forecast a petrol price drop of 72c a litre.

The fuel price drop is thanks to a lower oil price

The Department of Energy said that over the period under review, the oil price continued to drop, reports Fin24. Not only that, “the rand appreciated slightly” too in comparison to the previous period.

Since June, the price of Brent crude oil is down 30% on the back of plentiful supply and poor demand.

The Department of Energy also announced its petrol margins today, says IOL. Petrol margins are “adjusted on an annual basis in December”. This is up from 198.9c a litre last year to 215.4c this year.

This takes into account the “salary adjustment for petrol attendants that was included in the petrol price in September,” adds IOL.

So a welcome drop in the fuel price just as the holidays approach.

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The petrol price will drop 67c next Wednesday
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