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Thursday, May 6, 2021

Slight drop in fuel prices relieves motorists’ pockets

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Through Se-Anne Rall 8 min ago

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DURBAN – A slight drop in the price of gasoline should bring much-needed relief to the pockets of motorists. A liter of 95 and 93 octane gasoline is expected to cost around 9 cents less while the price of diesel will drop by 30c and paraffin 23c.

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The drop in prices is due to the rand’s slight appreciation, the Mineral Resources and Energy Department said.

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Mancosa finance and economics keynote speaker Meshel Muzuva warned consumers should be aware that there will always be instability in local and global economies that could affect fuel prices.

He said international oil prices have been stable, allowing the rand to build on its recent strength. This has led to a lower contribution to base fuel prices over gasoline, diesel and paraffin lighting.

“The drop in fuel prices will bring some relief to cash-strapped South Africans. Financially burdened South African consumers can therefore expect a hiatus in May following the series of fuel price hikes in the country. start of the year. Paraffin users will be delighted with this news. We are approaching the cold winter months, “he said.

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Muzuva said the impact of the drop in the price of paraffin would cause poorer households to see their cost of living drop.

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Consumers would also benefit from lower transportation and fuel prices, as this would increase their disposable income, allowing them to spend more on other goods.

“Nonetheless, consumers should continue to be concerned, given the continuing instability in local and global economies which could indicate future uncertainty around gasoline prices in the months to come.

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“Global financial markets are having an impact on the rand, so weakening the rand in the future could push the price of fuel to unsustainable levels and sting the little income available to households,” Muzuva said.


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