Retreating oil price good for motorists

The price of fuel is expected to drop next month, holding out the promise of relief for consumers.
The petrol price will likely drop by up to 83 cents a litre, the diesel price is estimated to drop by 45 cents a litre and illuminating par­affin will cost 42 cents less for a litre. This was according to the Automobile Association’s (AA) mid-month estimates.
“After initially weakening in the wake of the UK referendum result in late June, the rand has since strengthened steadily,” said theAA.
“International petroleum prices have re­treated on concerns over economic uncer­tainty following the vote. As a result, fuel prices are showing favourable gains. Despite this positive picture, predicting the likely po­sition at the end of July remains complex.”
However, the depressing state of the econ­omy would offset this price drop to some ex­tent, experts warned.
Neil Roets, CEO of debt management firm Debt Rescue, said the short- to medium-term outlook was increasingly gloomy with the latest job figures showing a contraction in the economy. “The only sector that showed growth was government, which boasted about employing 44 000 workers. It is my firm belief that most of these jobs will evaporate after the elections and that they were created mostly to win votes,” said Roets.
International Monetary Fund first depu­ty managing director David Lipton said this week corruption was hampering reform needed to boost growth. – Citizen reporter

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