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Petrol price to drop by 69 cents per litre

The latest decrease is a result of falling international crude prices.

FILE: This is the second consecutive fall in the price after petrol dropped 51 cents per litre and diesel fell by 76 cents per litre at the beginning of August. Picture: EWN.

JOHANNESBURG - The price of petrol will decrease by 69 cents per litre, while diesel will drop by 54 cents from next week, the Energy Department revealed in a statement on Friday.

Illuminating paraffin will fall by 55 cents per litre when the new prices kick in on Wednesday.

The price of LPG will drop by R1,15 per kilogram.

This is the second consecutive fall in the price after petrol dropped 51 cents per litre and diesel fell by 76 cents per litre at the beginning of August.

The latest decrease is a result of falling international crude prices.

The drop in fuel prices is good news for inflation as goods will cost less to transport and it's hoped that this will lead to a decrease in the price of food and other goods.

The rand has been trading at record levels against the pound and dollar, with major concerns that inflation will move out of the Reserve Bank's target of between three and six percent.

An interest rate hike of point 25 percent and a notable increase in the general cost of living have seen consumers battling to stay above the breadline.

Reserve Bank Governor Lesetja Kganyago has warned that if inflation continues to rise, the Monetary Policy Committee (MPC) will have no choice but to hike rates.

The bank's target for inflation is between three and six percent and consumer price inflation for July was measured at five percent.

Kganyago says the volatile rand could impact on inflation, therefore leaving the MPC with no choice but to hikes interest rates on again.

A low petrol price will however reduce the cost of transporting goods and should therefore lead to lower prices.

But, it's up to retailers to keep in line with these decreases and make sure they are reflected on the shop shelf.

Meanwhile, the Energy Department says if it wasn't for the weakening rand motorists could have seen a more significant drop in the fuel price.

The department's Robert Maake said, "We have seen that the weakening of the rand has affected the price negatively, it actually affected it by more than 20 cents."

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