Petrol price cut by nearly 18%

The price of Fuel was lowered by nearly 18% at middnight on Tuesday. The price of a...

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The price of Fuel was lowered by nearly 18% at middnight on Tuesday.

The price of a litre of petrol fell by over R1.30 to its lowest level since March 2007.

The wholesale price of diesel decreased by R1.66 while paraffin was reduced by R1.31.

However, economists have warned consumers against expecting an immediate reduction in the cost of living as a result.

Efficient Group chief economist Dawie Roodt explained, “The fall in the petrol price will most definitely help consumers in <?xml:namespace prefix="st1" ns="urn:schemas-microsoft-com:office:smarttags"?><country-region w:st="on"><place w:st="on">South Africa</country-region>. We’re probably going to see a further fall in interest rates that will certainly help consumers as well in the economy.”

Meanwhile, the South African National Consumer Union’s Ina Wilken said that South Africans should demand lower prices.

She said, “When petrol prices are hiked commuters don’t mind to pay high prices. But, surely this is the fifth decrease in the petrol price, so they paying much less to fill up their tanks. Why can’t they give it to consumers?”<?xml:namespace prefix="o" ns="urn:schemas-microsoft-com:office:office"?>