Petrol price to fall by 55 cents

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fuel fill up2 REUTERS

Motorists, hard hit by the recent spate of fuel price increases, will be getting some relief next week when the price of all grades of petrol decreases by 55 cents a litre.

According to the department of energy, a litre of 95 unleaded petrol in Gauteng will cost R11.67 from next Wednesday, 6 June. That same grade will set you back R11.32 a litre at the coast.

A smaller decrease awaits those with diesel vehicles, with the price of all grades of diesel falling by 24.82 cents a litre to R10.73 in Gauteng and R10.48 at the coast.

The price adjustments come courtesy of a sharp fall in the price of crude oil in the last month (from $120 a barrel to $108 during the review period), on the back of economic uncertainty. This proved more than sufficient to offset the declining value of the rand.

Since this review period, the price of crude oil has taken a further dip to $102 a barrel, meaning that - barring any surprises on the currency front - we should be looking forward to another price drop next month.

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