Hefty drop in fuel price next week

THE price of petrol will drop by 45c/litre next week, the Energy department said yester¬day.
From Wednesday, the whole¬sale price of diesel of 0.05 per¬cent sulphur will decrease 61c//, while diesel 0.005 percent sulphur would decrease by 60c//, the department said.
The retail price of 95 and 93 petrol would decrease by 45c//.
A major factor influencing the fuel prices was that the average rand/US dollar exchange rate has weakened.
“The average rand/US dol-lar exchange rate for the period September 26 October 30 was 11.1004 compared to 10.9149 dur¬ing the previous period,” the department said.

The news was welcomed by Debt Rescue chief executive Neil Roets, who said the decreases would have a major impact on the costs of all goods and services in South Africa.
But he warned that con-sumers should not see the announcement as a chance to stack up more debt.
“With Christmas around the corner, some consumers may see this as an early Christmas present. This is not the case because there is a strong likeli¬hood that the rand could fall suddenly because the economic fundamentals remain weak,” said Roets.
According to the National Credit Regulator’s Consumer Credit Market Reports debtor’s book is sitting at R1.47 trillion.

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