/ 26 September 2008

Good news for motorists as petrol price set to drop

The retail price of petrol will decrease by between 25 cents and 29 cents a litre on Wednesday October 1, the Department of Minerals and Energy announced in a delayed release on Friday.

This follows a decrease of between 69 cents and 78 cents a litre at the beginning of this month.

The price decreases are as follows: 91 octane petrol will decrease by 29 cents, 93 octane by 27 cents and 95 octane by 25 cents.

Diesel prices will also decrease, with 0,05% sulphur decreasing by 56 cents and 0,005% by 55 cents.

Wholesale paraffin decreases by 65 cents and illuminating paraffin by 87 cents.

The minister of minerals and energy has approved an increase of 2,6 cents per litre on the retail margin of petrol with effect from October 1.

During the period under review, the average international product prices of petrol, diesel and illuminating paraffin decreased. The average rand/dollar exchange rate weakened when compared with the previous period. The average rand/dollar exchange rate for the period August 29 2008 to September 25 2008 was 8,0182 compared with 7,6845 during the previous period. — I-Net Bridge