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Petrol price to drop this week
The retail price of all grades of petrol will decrease by 55c/litre on Wednesday June 6‚ the Department of Energy announced on Friday. This follows a 28c/litre rise in the price of petrol in May.
The price of 0.05% sulphur diesel and that of 0.005% sulphur diesel will both go down by 24.8c/litre.
During the period under review‚ the average international product prices of petrol‚ diesel‚ and illuminating paraffin decreased.
During the current fuel price review period‚ 25 April to 31 May‚ average international crude oil prices decreased by US$12‚ compared to previous fuel price review period‚ from US$120 per barrel to US$108 per barrel.
This decrease in international crude oil prices mainly culminated from Iran's decision to allow United Nations inspections into the country to inspect its nuclear programme‚ which led to the market gaining some form of confidence in crude oil supply; the euro debt worries; and lower demand for commodities by China as its economy was slowing down.
The average rand/US dollar exchange rate weakened when compared to the previous period‚ the CEF reported.
The average rand/dollar exchange rate for the period April 25 to May 31 was 8.103 compared to 7.853 during the previous period.
The weakening of the rand against the dollar increased the contribution to the basic fuels price on petrol‚ diesel and illuminating paraffin by 20.21c/litre‚ 21.03c/litre‚ and 20.84c/litre respectively.
Petrol 95 ULP octane in Gauteng will now cost R11.67/litre‚ while at the coast it will cost R11.32/litre.
The single maximum national retail price for illuminating paraffin will decrease by 28c/litre to R8.04/litre.
The maximum retail price for liquid petroleum gas will decrease by 99c/kg.
Source: I-Net Bridge
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