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Fuel prices to drop by more than R1 on 2 January

The price of petrol will decrease by R1.23 per litre while the cost of diesel will be R1.53 lower.

Picture: EWN.

JOHANNESBURG - The fuel price will decrease by more than R1 for both petrol and diesel on 2 January, the Energy Department announced on Friday.

The price of 93 octane petrol will decrease by R1.22 a litre while 95 octane goes down by R1.23 on Wednesday.

The prices of different grades of diesel go down by R1.53 (for 0.05% sulphur) and R1.55 (0.005% sulphur) per litre.

Illuminating paraffin will cost R1.23 less.

The Energy Department’s Robert Maake said: "The main reason for the decreases is the lower crude oil prices which resulted in lower prices for petroleum prices in the international market. The second reason is that the slate levy of 21.92 cents which was imposed two months ago has also been removed."

The latest decreases follow on December's fuel price decreases which saw both grades of petrol drop by R1.84 per litre. Diesel saw a decrease of between R1.45 and R1.47 a litre.

In October, fuel prices hit record highs.

TIGHT BUDGET

Experts say while the latest decrease in fuel prices is welcome, it’s important to remember that wage growth throughout the country disappointingly continues to decline.

Head of Capital Markets Research for Intellidex Peter Attard Montalto says while the relief is encouraging, the gross household income still presents a tight budget for most South Africans.

“The global geopolitical situation in the Middle East, the situation in the United States, regarding both growth and energy policies there, the oil prices are going to be incredibly volatile. There’s also the prospect of our volatile rand as well, given Moody’s downgrade, the elections in 2019 and land reform.”