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Economists disappointed petrol prices not decreasing

The Energy Department has announced that prices will remain unchanged for November while there will be a steep increase for diesel which goes up by between 48 and 51 cents.

Picture: EWN.

JOHANNESBURG - Economists say it is disappointing that petrol prices are not now decreasing after months of hefty increases.

The Energy Department has announced that prices will remain unchanged for November while there will be a steep increase for diesel which goes up by between 48 and 51 cents.

Nedbank chief economist Dennis Dykes says this is a setback given that the rand has been firm against the US dollar

“It’s a little bit disappointing because, just a couple of weeks ago, it looked as though we would be having a petrol price decrease as a result of the rand pulling up and the oil prices somewhat coming back as well. Hopefully, we will see some decreases in the next couple of months.”

Chief economist at Econometrix Azar Jammine says there was anticipation that petrol prices would decrease.

“The petrol price could have come down by 23 cents per litre, but as the result of the fees on the petrol price back in September, the government has now found fit to claw back 23 cents per litre from the slate levy.”

(Edited by Mihlali Ntsabo)