Motorists are set to enjoy a 55 cent per litre decrease on all grades of petrol next week, the Department of Energy said today. Meanwhile, diesel prices will drop by 24 cents per litre and the wholesale price of paraffin will drop by 21 cents a litre.
The adjustment comes after the average international crude oil prices decreased by $12 from $120 per barrel to $108 per barrel. The slash in international crude oil prices has culminated from Iran allowing UN nuclear inspectors into the country giving the market some confidence in crude oil supply; the Euro debt worries and a lower demand for commodities by China as the country suffers from a slowdown in its economy.
However, the weakening of the Rand against the US Dollar prevented prices from decreasing even further. Instead, it increased the contribution to the basic fuels price on petrol, diesel and illuminating paraffin by 20.21 c/l, 21.03 c/l and 20.84 c/l respectively. The average Rand/US Dollar exchange rate for the period 25 April 2012 to 31 May 2012 was 8.1031 compared to 7.8536 during the previous period.
Petrol prices decrease
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