Petrol prices set to drop, thanks to a stronger rand

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Motorists can expect a sigh of relief as of tomorrow, November 6, with the petrol prices set to drop as of midnight.

The petrol price, for both 93 and 95 grades, will drop by 13 cents a litre, while diesel prices will be cut by 16 cents (0.05% sulphur) and 14 cents (0.005% sulphur) respectively. Illuminating paraffin prices will see a decrease of 23 cents a litre.

Minister of Mineral Resources and Energy Gwede Mantashe, explains the cut in the prices are largely due to the rand strengthening over the past month. As South Africa imports more than 60% of its oil, which is priced in dollar, the stronger the rand is, the more cost-effective the imported price becomes.

As of tomorrow, November 6, 95 unleaded petrol will sell for R16.08 in Gauteng and R15.44 in coastal areas. Diesel, in turn, will sell for R14.68 in Gauteng and R14.14 on the coast from Wednesday. 

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