Fuel price set to drop next week

2010-07-29 00:00

FUEL prices will in all likelihood drop on Wednesday next week for the third month in a row as a result of an over-recovery on petrol and diesel.

The petrol price is expected to decrease by as much as nine cents a litre, while the wholesale price of diesel could decline by about 12 cents a litre.

However, although the petrol price could drop to below eight rand per litre as a result of the adjustment, it will remain about six percent higher than the price in August 2009.

The news comes on the back of a delayed cut in fuel prices in July due to the Fifa World Cup.

Econometrix economist Tony Twine said the delay in the implementation of the changes in July have helped to create a larger-than-normal over-recovery.

An over-recovery on a fuel product essentially means that fuel consumers are paying too much for a fuel product on that day.

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