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Good news for motorists as oil price continues to drop

The oil price has continued to drop with Brent crude now trading at around $46 a barrel.

FILE: The Automobile Association says the latest figures show that fuel prices are definitely set to come down. Picture: EWN.

JOHANNESBURG - With the petrol price expected to drop by up to 64 cents a litre next month, there may also be more good news for motorists in the months that follow.

The oil price has continued to drop with Brent crude now trading at around $46 a barrel.

However, there are concerns that a weakening rand may affect these gains, with the local currency dropping to just over R13 to the dollar earlier today.

A surplus and the expanding shale gas market have sent oil prices plummeting over the past few months.

CNN's John Defterios says Opec countries are simply producing too much oil for prices to recover from current lows.

"The national energy agency is suggesting that we have more than 3.9 barrels a day of too much crude on the market. That is a 17-year high."

The Automobile Association says the latest figures show that fuel prices are definitely set to come down.

However, the local currency has broken through R13 to the dollar and R20 to the pound, which is not good news when buying oil.

With a possible US rate hike and a volatile Chinese economy, it's hoped that there will be good news soon for the rand.

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