Some relief ahead for consumers with fuel prices set to fall

Oil prices slumped to their lowest in more than a year on Friday, falling the most in four years this week, as the global spread of the coronavirus stoked demand fears.
Oil prices slumped to their lowest in more than a year on Friday, falling the most in four years this week, as the global spread of the coronavirus stoked demand fears.
Image: REUTERS

Embattled consumers in a constrained economy will get some cheer from a drop in all fuel prices on Wednesday.

The central energy fund said on Friday the price of both 93 ad 95 octane petrol will fall by 19c/l, with that of both grades of diesel set to drop by 54c/l.

The fund said: “The average international product prices for petrol, diesel and illuminating paraffin decreased during the period under review,” while the rand depreciated against the dollar.

The wholesale price of illuminating paraffin will be lowered by 68c/l, while its retail equivalent will fall by 91c/l.

Liquid petroleum gas will go down by 32c/kg.

The inland price for 93 octane petrol will be R15.52/l from Wednesday, while 95 octane will sell for R15.84.

Oil prices slumped to their lowest in more than a year on Friday, falling the most in four years this week, as the global spread of the coronavirus stoked demand fears.

Nigeria was the first country to confirm the presence of the virus in Sub-Saharan Africa on Friday.

At 8.10pm the price of Brent crude had dropped 3.01% to $49.84 a barrel.

Eskom reported late on Friday that no load-shedding was expected this weekend.

- With Reuters

 

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