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Economists predict another drop in petrol price

The Energy Department earlier announced the petrol price will decrease by 45 c/l from Wednesday.

FILE: The Energy Department has announced that the petrol price will decrease by 45 cents a litre from 5 November. Picture: EWN.

JOHANNESBURG - Economists have welcomed the latest drop in the petrol price and are predicting another decrease in the near future.

The Energy Department announced this afternoon that the petrol price will decrease by 45 cents a litre from Wednesday.

Diesel will go down between 60 and 61 c/l while illuminating paraffin will cost 52 c/l.

The department says the weakening of the rand against the US dollar increased the contribution to the basic fuels price on petrol, diesel and illuminating paraffin by 12.33 c/l, 12.49 c/l and 12.64 c/l respectively.

Economist Mike Schussler says, "The international oil price has fallen by about 25 percent while our main commodities have fallen by 10 to 12 percent. This commodity price fall is not going to be good for our mines perhaps but it's certainly good for South African inflation, South African consumers and our balance of payment."

Economist Chris Hart says this does not necessarily mean the rand is improving but decreases in the global oil price are helping.

"This is not because we are doing well it's basically because we are seeing the global economy ease back a bit and that has reduce the demand for oil."

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