By Cindy Witten
1 August 2008
After months of fuel price hikes, consumers can finally look forward to some relief.
On Wednesday, August 3, the retail price of petrol will on average fall by R0,27 a litre. Minerals and Energy says the actual decreases in the pump prices will differ due to the rounding off to accommodate pumps that cannot display four-digit numbers.
In some provinces for instance, the pump price will decrease by R0,30 a litre. Diesel will go down by R0,16 or R0,17, depending on the sulphur content. But wholesale paraffin increases by just over R0,03 and illuminating paraffin by R0,04.
Economist, Jeandre Fourie says that it is a positive step for the economy.
“It will be good for inflation, but will only be reflected in late August’s inflation numbers. It will decrease the transport category within the inflation basket, that’s mainly due to the oil price decreases.”
There is speculation that the oil price may decrease by a further R1,00 mid-September, but nothing has yet been made official.
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