A possible drop in the petrol price predicted for November

October 23, 2018

VAAL TRIANGLE - Vaal Triangle and other South African motorists may finally see a decrease in the petrol price next month after enduring seven consecutive petrol price increases in 2018. Mike Schussler, of economists.co.za and a two-time South African economist of the year, reckons that petrol could fall by between 10 to 20 cents, but diesel could still be at the mercy of fuel price hikes. One major contributing factor to this optimistic outlook is the falling price of crude oil. The price has dropped from $87 to $80 in the last few weeks. Another helping hand in this scenario is the rand’s performance against the dollar. After soaring above the R15 rate last month, the ZAR has steadily been fluctuating between R14.10 and R14.40 to the dollar. However, Schussler’s suggestions aren’t in line with what the Automobile Association of South Africa (AA) have forecasted. They believe that the political turmoil in the Middle East – and rising tensions between Saudi Arabia and the USA – will have an adverse impact on prices. This year has been especially brutal for motorists and general consumers alike with inland motorists currently paying over R17 for a litre of petrol.
PHOTO: (Supplied)

 

 

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