The retail price of both grades of petrol sold in South Africa will decrease by R1.74 a litre from next Wednesday, a statement from the energy department said. File photo: Armand Hough/African News Agency (ANA)
The retail price of both grades of petrol sold in South Africa will decrease by R1.74 a litre from next Wednesday, a statement from the energy department said. File photo: Armand Hough/African News Agency (ANA)

Petrol price to drop by 174 cents a litre

By ANA Reporter Time of article published May 1, 2020

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Johannesburg - The retail price of both grades of petrol in South Africa will decrease by R1.74 a litre from next Wednesday while the wholesale price of diesel will dip by R1.61, a statement from the energy department said on Thursday.

The department said the retail price of illuminating paraffin, which is still used by millions of poor people for cooking and lighting, would fall by R2.97, while that for gas would be R2.62 lower from May 6.

South Africa adjusts fuel prices each month, taking into account global oil prices and the rand exchange rate.

"The average international product prices for petrol, diesel and iIluminating paraffin decreased during the period under review," the energy department said in a statement.

It said this was partly offset by a weaker rand against the dollar when compared to the previous period. 

The lower fuel prices will offer some comfort to South Africans who are grappling with the severe economic fallout from a nationwide lockdown imposed by the government from March 27 to try and slow down new transmissions of Covid-19. 

The restrictions have left many jobs under threat as grounded businesses struggle to stay viable.

Last week, the National Treasury announced additional tax measures it said would provide around R70 billion in relief for businesses in light of Covid-19 related constraints, either through reductions in taxes or deferrals of tax payments.

The government has also announced a R500 billion relief package to mitigate the economic damage from the pandemic.

African News Agency/ANA

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