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Drop in fuel prices is welcome relief for consumers - economists

Economists have agreed that the drop in fuel prices are a much needed boost for consumers.

Generic: Petrol pump at BP station. Picture: EWN.

JOHANNESBURG - Economists say the drop in fuel prices is welcome relief for cash-strapped consumers hit by high interest rates and rising inflation.

Yesterday, the energy department announced the petrol price would fall by 99 cents a litre, while diesel will go down by 74 cents.

The energy department says the reason for the decrease is the strengthening of the rand and lower oil prices.

Economists have agreed that the drop in fuel prices are a much needed boost for consumers.

Stanlib's Kevin Lings said, "It doesn't take it down to an exceptionally low level but it provides a consumer with some breathing space."

Investment Solution's Lesiba Mothata said because of the price drop the forecast for inflation should be lower than anticipated.

"Consumers are under strain, high debt levels, high interest payments on their debts, so this really just helps out the pocket of consumers."

There is general consensus that the lower fuel prices will lead to a welcome decrease in food prices.

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