Respite: Petrol price to go down slightly

2012-10-29 00:00

ALTHOUGH it will come as little relief to motorists, the petrol price is likely to drop by a few cents a litre on the first Wednesday of next month, according to economists.

Econometrix chief economist Dr Azar Jammine said although the rand had weakened against the U.S. dollar this month, global oil prices fell on the back of higher production from the Organisation of Petroleum Exporting Countries (Opec).

Motorists have endured a barrage of petrol price hikes in 2012 as a result of higher global oil prices. The price of petrol has increased by about 15% since January 2012.

Jammine said consumers could be in for a heftier petrol price cut in December 2012 if the trend of lower oil prices continued.

Efficient Group economist Merina Willemse said a possible fuel cut in December would bring little relief to consumers over the festive season.

“You would need substantial cuts in the petrol price to bring real relief,” she said.

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