Economist warns against oil price drop

Economist Dawie Roodt says consumers must continue being cautious with their money as the tide may soon turn.

Picture: EPA.

JOHANNESBURG - Oil prices may have dropped but economists are warning consumers not to see this as a windfall.

Economist Dawie Roodt says consumers must continue being cautious with their money as the tide may soon turn.

Motorists are now paying R1,27 cents less for a litre of 93 octane petrol, while 95 octane has dropped by R1,23 cents.

The price of diesel has decreased by R1,05 cents a litre, but there are claims that some filling stations have not yet changed their price.

He says the minister of finance is likely to announce major increases next month despite the lower oil prices.

"The petrol price is likely to be higher than it is at the moment by the end of this year."