Petrol price bonanza not over just yet!
After the petrol price hit a terrible R14.39 in April of last year, South Africans will be glad to hear the petrol price is set for another steep fall in February in line with a continued decline in oil prices (oil prices have halved in recent months to below $50 a barrel from more than $100 in mid 2014).
The price of 93 and 95 octane petrol decreased by R1.27 and R1.23 a litre in January, to R11.02 a litre and R11.24 a litre respectively.
The exact amount of the upcoming price drop in February is varying, as usual, but it is estimated at about another R1.00 (give or take ten cents).
According to BussinessTech, Economists Dawie Roodt told Jacaranda FM that the country is currently paying too much for petrol with recovery between 90 cents and R1.00 per litre, while Mike Schussler also pointed to a cut of approximately R1.00 in February.