Petrol to decrease ahead of Christmas

By Staff Writer
Motorists will be grinning from ear to ear this month as petrol prices are set to come down again. It's particularly welcome news for those embarking on long festive season trips.
 
The retail prices of both grades of petrol, the wholesale prices of both grades of diesel and illuminating paraffin and the maximum retail prices of liquefied petroleum gas (LP gas) will decrease with effect from Wednesday, 3 December 2014, said the Department of Energy (DoE).
 
Petrol is set to decrease by 69 cents per litre, and diesel will decrease by 53 cents per litre.
 
The DoE said that the main contributing factor to the fuel price decreases was the continual drop in the crude oil prices, which fell to $68 (R753) a barrel from $80 (R888.89) per barrel, during the period under review (31 October 2014 to 27 November 2014).
 
Brent crude oil
 
"This is the lowest level of Brent crude oil prices in nearly four years, pressured by ample supply [and], slackening demand," said the DoE. Oil prices have decreased by 25% since June.
 
The determining of the petrol prices is hinged on two factors: the Brent crude oil price and the exchange rate. "The trend depends on the oil price on the market. That is your big trend, and then the exchange rate was in a narrow band the whole time," said Marius Luyt, head of public affairs at the Automobile Association of South Africa (AASA).
 
"The Brent oil price was very low over time. And then if you look at the Rand – Dollar exchange rate, there was a relief for us in that it didn't jump or spike very high, so if it goes up or higher it will push the petrol price up," said Luyt.
 
History of prices
 
Justmoney has tabled the petrol prices expected for Wednesday, 3 December and compared it to the past five months. As the DoE highlighted, petrol prices have steadily been decreasing, with only a slight increase in October.
 
Date Inland Coast
  Unleaded Leaded Unleaded Leaded
  93 95 93 93 95 95
3 December R12,29 R12,47 R12,29 R12,05 R12,06 R12,06
5 November R12,98 R13,16 R12,98 R12,74 R 12,75 R12,75
1 October R13,43 R13,61 R13,43 R13,19 R13,20 R13,20
3 September R13,41 R13,66 R13,41 R13,17 R13,25 R13,25
6 August R14,08 R14,33 R14,08 R13,84 R13,92 R13,92
 
Source: Automobile Association of South Africa, prices correct as of December 1, 2014. 
 
Additionally there are also diesel prices, with the expected prices for Wednesday 3 December, 2014. Diesel has also seen a decrease over the past five months, with the biggest difference last month of 60 cents less per litre.
 
Date Inland Coast
     
December ,3 R11,38 R11,07
November, 5 R11,92 R11,61
October, 1 R12,52 R12,21
September, 3 R12,65 R12,34
August, 6 R12,89 R12,59

Recent Articles

Featured How can debt counselling keep creditors away?

Among the many benefits of debt counselling is its ability to keep creditors from hounding you, leaving you with some measure of peace while you figure out how to repay your debt.

What are debt collectors not allowed to do?

Debt - if not managed - can seem like a dark cloud looming. But, you do have rights.

Should you authorize a minor on your credit card?

If you have children who need to move around independently, it may be practical to authorize them as users on your credit card. However, is this the right thing to do?

Economic devastation sees rapid rise in debt counselling

A survey conducted by DebtBusters indicates that consumers are increasingly turning to debt counselling.

Deals

Wednesday Burger Nights at The Vineyard

Price: R190
When: Wednesdays
Where: Cape Town

Sanctuary Touch Monthly Special at Sanctuary Spa

Price: R490
When: Mondays to Sundays
Where: Cape Town

Blowdry Packages at Oayssis Hair and Beauty Bar

Price: R850 to R1800
When: Anytime
Where: Cape Town


Latest Guide

Guide to debt rehabilitation solutions