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Confirmed: Price of petrol to drop for June


The Department of Energy has confirmed a previous report by the Automobile Association (AA) that the price of all grades of fuel will drop by more than 20 cents a litre this coming Wednesday (June 7).

In the statement over the weekend, the Department announced that the price of petrol will drop by 25 cents a litre, diesel by 23 cents and illuminated paraffin by 22 cents with lower international oil prices and the dramatic strengthening of the Rand against the US Dollar being key motivators.

“The average Rand/US Dollar exchange rate for the period 26 April 2017 to 01 June 2017 was 13.25 compared to 13.51 during the previous period. This led to a higher contribution to the Basic Fuels Price on petrol, diesel and illuminating paraffin by 10.71 c/l, 10.27 c/l and 10.20 c/l respectively,” the statement read.

A short while ago, the national currency was trading at R12.72 to the Dollar with Brent Crude Oil at $50.65 a barrel.

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