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Motorists can expect some relief at the fuel pumps next month - Kganyago

Governor Lesetja Kganyago says oil price expectations have been adjusted upwards.

Picture: EWN.

JOHANNESBURG - Reserve Bank Governor Lesetja Kganyago says South Africans can expect fuel price decreases next month.

He has announced that the repo rate will remain unchanged at 6.75%. The repo rate is the rate at which the central bank lends money to commercial banks. The prime lending rate, which is the interest charged by banks to clients, will remain at 10.25%.

Kganyago says oil price expectations have been adjusted upwards.

“The oil price assumptions in the quarterly projection model (QPM) have been adjusted upwards to an average of $62 per barrel in 2018 and 2019.”

However, he says motorists can expect some relief.

“The current over-recovery on the petrol price points to a further price reduction in February should current trends persist.”

(Edited by Shimoney Regter)