Petrol price could drop by 72c in December

The Automobile Association of South Africa (AA) says that the petrol price may decrease by as much as 72 cents per litre in December.

It echoes the sentiment of the Solidarity Research Institute (SRI), who said on Tuesday that the fuel price could decrease by more than 70 cents a litre and the wholesale price of diesel could fall by about 50 cents on 3 December.

It also follows a 45 cents per litre cut on 5 November.

“Continued declines in international fuel prices have offset a marginally weaker Rand/US dollar exchange rate and motorists look set to reap the benefits at month end,” the AA said, commenting on unaudited mid-month fuel price data from the Central Energy Fund.

“Petroleum prices have dropped by more than ten percent over the past 15 days and the exchange rate has weakened only slightly in the same period,” the AA said.

“This has set the stage for yet another substantial drop in fuel prices.” Based on the current data, petrol is set to drop by between 69 and 72 cents per litre, with diesel showing an expected reduction of around 49 cents per litre.

A decrease of around 43 cents per litre is on the cards for users of illuminating paraffin, it said.

“All indications are that motorists will have more money in their pockets at month end,” the AA said.

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Petrol price could drop by 72c in December