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Cheer at the pumps as AA sees big drop in petrol price

| Economic factors

Encouraging mid-month fuel price data has been buoyed by receding international petroleum prices‚ meaning good news for motorists in August. This is according to the Automobile Association‚ which was commenting on unaudited data released by the Central Energy Fund (CEF) this week.

 The AA said current data indicated that the petrol price would be lower by between 47c to 49c a litre‚ with diesel down by approximately 70c. Illuminating paraffin was also set for a drop of around 68c a litre.

"The oil price has shown a gradual downward trend‚ and has continued to decline since our mid-July review of the fuel price picture‚" the AA said in a statement.

"And despite some rand weakness against the US dollar in the last few days‚ the South African currency unit has traded in a fairly tight band around R12.40 to the dollar since mid-month‚" the Association added. "The result is that most of the benefit of lower international product prices will be passed on to the motorist."

RDM Newswire

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