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Cape Town - The price for a litre of petrol will go down by 73c a litre and diesel by 55c a litre next Wednesday, the Department of Energy announced on Friday.
This is more than what economists expected and mainly due to a drop in world oil prices and a strengthening in the rand dollar exchange rate. They expected a cut of at least 64c a litre.
It is the first petrol price drop after three consecutive increases totalling R1.34 for a litre of 95 unleaded in Gauteng. In January this year, the price decreased by 15c a litre to R11.86, but has since risen to R13.20/l.
Motorists is Gauteng will now pay R12.47, while those at the coast will fork out R12.24 for a litre of petrol.
A litre of diesel will now cost R11.41.
The department said in a statement on Friday that the average international product prices of petrol‚ diesel and illuminating paraffin all decreased during the period under review.
This is more than what economists expected and mainly due to a drop in world oil prices and a strengthening in the rand dollar exchange rate. They expected a cut of at least 64c a litre.
It is the first petrol price drop after three consecutive increases totalling R1.34 for a litre of 95 unleaded in Gauteng. In January this year, the price decreased by 15c a litre to R11.86, but has since risen to R13.20/l.
Motorists is Gauteng will now pay R12.47, while those at the coast will fork out R12.24 for a litre of petrol.
A litre of diesel will now cost R11.41.
The department said in a statement on Friday that the average international product prices of petrol‚ diesel and illuminating paraffin all decreased during the period under review.
The average rand/dollar exchange rate strengthened when compared with the previous period. The average rand/dollar exchange rate for the period March 27 to April 25 was R9.1598/$ compared with R9.1932/$ for the March 1 to March 26 period and R8.9067 during the February period.
The strengthening of the rand against the US dollar decreased the contribution to the basic fuels price on petrol‚ diesel and illuminating paraffin by 2.5c/l‚ 2.6c/l‚ and 2.6c/l respectively, it said.
The Single Maximum National Retail price for illuminating paraffin will decrease by 77c/l, while the maximum retail price of liquid petroleum gas will decrease by 81 cents per kilogram.
