Petrol price drops

2012-11-02 10:49

The retail petrol price will dip by 10c a litre next Wednesday due to lower international prices, the energy department has said.

The new price of 95 grade petrol in the inland commercial region of Gauteng will drop slightly to R12.10 a litre.

However, the wholesale diesel price will go up to R11.44 rand.

The breather follows last month’s 23c and this year’s highest single price hike of 93c/litre in August.

Meanwhile, despite high petrol prices, the National Association of Automobile Manufacturers on Friday said that total new vehicle sales increased by 10.5% year-on-year in October to 57 845 units.

Naamsa said the increase was partly boosted by record low interest rates.

Exports of locally produced vehicles, however, fell by 3.3% year-on-year in October, as the transport strike caused disruption at various manufacturing plants, affecting output and exports during the month.

While relatively lower lending rates were helping boost domestic sales, rising inflationary pressures and a weaker rand could push vehicle prices unsustainably higher, weighing on demand for the remainder of the year and in 2013, reports Reuters.

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