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Cape Town - Motorists should experience some relief in July, with the latest figures indicate a more than 27c/litre reduction in the petrol price, and more than 6c for diesel.
Although the rand/dollar exchange rate has weakened in recent weeks, there has been a sharp decline in the oil price in reaction to further scaled-down growth expectations for the US, the world's biggest consumer of oil.
In May petrol prices reached their highest level since July 2008, and at the beginning of June they fell a mere 2c/litre.
On Thursday London Brent crude prices dropped 6% to $107 following the International Energy Agency’s announcement that it would put 60m barrels of its member states' reserve on the market. In April Brent crude prices were $127 a barrel, and in 2008 at a record $147.
In Cape Town petrol currently costs R9.93/litre and in Gauteng it is R10.07 for 93-octane.
Based on the latest figures from the Department of Energy the price of petrol could be cut by 31c on July 6 and diesel by 10c if prices remain steady for the week ahead.
- Sake24.com
For business news in Afrikaans, go to www.sake24.com.
Although the rand/dollar exchange rate has weakened in recent weeks, there has been a sharp decline in the oil price in reaction to further scaled-down growth expectations for the US, the world's biggest consumer of oil.
In May petrol prices reached their highest level since July 2008, and at the beginning of June they fell a mere 2c/litre.
On Thursday London Brent crude prices dropped 6% to $107 following the International Energy Agency’s announcement that it would put 60m barrels of its member states' reserve on the market. In April Brent crude prices were $127 a barrel, and in 2008 at a record $147.
In Cape Town petrol currently costs R9.93/litre and in Gauteng it is R10.07 for 93-octane.
Based on the latest figures from the Department of Energy the price of petrol could be cut by 31c on July 6 and diesel by 10c if prices remain steady for the week ahead.
- Sake24.com
For business news in Afrikaans, go to www.sake24.com.
