Petrol price drops hard

There will be relief for motorists at the pumps come midnight when one of the country’s biggest ever fuel...

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There will be relief for motorists at the pumps come midnight when one of the country’s biggest ever fuel cuts comes into effect.

The price of petrol will fall by over R1, 30 to its lowest level since March 2007.

The wholesale price of diesel will drop by up to R1, 66 per litre and paraffin by R1, 31.

Economists warned consumers against expecting an immediate drop in the cost of living as a result.

Efficient Group chief economist Dawie Roodt said it may be a while before consumers felt the impact.

“It is important to realize that there is not a one to one relationship between the price of petrol and the price of bread. If there is a 1% fall on the price of petrol it does not mean the bread price will necessarily fall by 1% as well."