Diesel set to drop the most on Wednesday

The price of most fuels is set to fall on Wednesday, due to the drop in the international prices of petroleum products overweighing the weakening of the rand against the US dollar.

The wholesale price of diesel, 0.05 percent sulphur and 0.005 percent sulphur, would decrease by 76 cents a litre and 78c a litre, respectively, and the wholesale price of illuminating paraffin would drop by 63c a litre and the single maximum national retail price would decrease by 84c a litre, the Department of Energy said last week.

The pump price of petrol 95 Octane would fall by 3c a litre, and that of 93 Octane would remain unchanged, the department added. The maximum retail price of liquid petroleum gas (LPG) would increase by 45c a kilogram and the maximum retail margin of LPG would climb increase by 50c a kilogram.

Neil Roets, the chief executive of debt management firm Debt Rescue, said the decreases in fuel price could have been substantially more had it not been for the drama surrounding the dismissal of the previous finance minister Nhlanhla Nene and the impact it had on the rand exchange rate. “The problem is that the severe drought in maize producing areas is going to lead to substantial increases in the price of all foodstuffs, including staples like maize and wheat,” he added.

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