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Petrol price might drop by 64 cents

The AA says petrol might drop by 55 & 64c/l, diesel by 53 & 57c/l & illuminating paraffin 60c/l.

FILE. The AA says petrol is showing a drop of between 55 & 64c/l, diesel between 53 & 57c/l & illuminating paraffin 60c/l. Picture: AFP.

JOHANNESBURG - As the rand continues to lose ground against major currencies, there could be good news for motorists next month.

With the decline in international oil prices, the petrol price looks set to drop by up to 64 cents a litre.

With reports of an oil surplus and increased shale gas production, the price of Brent Crude Oil has continued to drop.

The Automobile Association's Layton Beard said, "Petrol is showing a drop of between 55 and 64 cents a litre, diesel between 53 and 57 cents and illuminating paraffin 60 cents."

There have been concerns over high fuel prices, with the Reserve Bank warning that the repo rate may have to be adjusted if inflation is not kept in check.

However, if the rand continues losing more ground to major currencies this could affect future fuel price decreases.

The rand is continuing to battle against the pound, trading above R20 with the local currency also losing ground against the dollar.