PETROL PRICE SET TO DROP BY MORE THAN R1 IN AUGUST

PETROL PRICE SET TO DROP BY MORE THAN R1 IN AUGUST

South Africans will finally breathe a sigh of relief as the petrol price is set to drop in August following months of increases.

According to the Department of Mineral Resources and Energy, motorists will get some relief at the petrol pumps with fuel price cuts next month.

Petrol price is set for cuts of between R1.19 and R1.22 per litre. However, this will depend on the grade of fuel. Diesel could be reduced by more than 80c.

Speaking on POWER Breakfast on Thursday, Independent economic analyst ,Professor Bonke Dumisa says SA may see another drop in petrol price in the coming months.

“If ever this trend of international brent crude oil price improves and get even better, we may even have another petrol price reduction in September,” explains Dumisa.

Dumisa has also urged businesses that have increased their prices on certain products to drop them when fuel prices go down.

However, he says, “certain businesses just enjoy seeing higher profits without thinking that maybe they may pass over those benefits to consumers.”

This month prices were hiked by more than 10%.