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Relief for motorists?

Economists predict a fuel price drop of between 30 and 50 cents a litre in May.

Economists predict a fuel price drop of between 30 and 50 cents a litre in May.

CAPE TOWN - Some economists predict a fuel price drop of between 30 and 50 cents a litre in May.

This is directly attributable to the lower international crude oil price which is hovering at just over $101 a barrel.

Consumers have been hit hard over the past few months by consecutive fuel price hikes.

In January, motorists paid R11.51 for a litre of unleaded petrol at the coast (R11.86 inland) by the third of April that had increased to R12.83 (R13.20 inland).

Nedbank economist Isaac Matsego explains the reasons behind the oil price drop.

"They are reflecting the weakness in demand in the global economy, but should the oil price go significantly below a $100 a barrel, we can expect Opec to take some measures in order to support the price."

Senior economist at NKC independent economists, Christie Viljoen, believes the relief will be short-lived though.

"The biggest factor causing the drop in the oil price has been some disappointing economic data from the U.S. The U.S. is the largest economy and also the largest user of oil. We think that the oil price could be back up again within the next month or two."

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