South Africa's petrol pump price to drop in August

The Petrol and Diesel pump price is expected to drop in South Africa according to a report by Department of Energy in its latest price schedule for August 2016.While in Nigeria instead of decreasing it is planning to increase.

The petrol price will drop by 99 cents a litre on 3 August, with diesel dropping by 73-74 cents a litre and the price of illuminating paraffin falling by 88 cents a litre.

"The Rand has continued its recent march against the US dollar, with an almost uninterrupted two-month streak of gains," the AA said.

"The local currency was pegged at R15.70 to the dollar at the end of May, but is now sitting around the R14.20 mark."
Commenting earlier on the expected price decrease, the AA said the Rand contributed only about 25 cents of the expected fuel price drop in August. The balance had been due to the continued retreat of international petroleum prices in the wake of the United Kingdom's vote to exit the European Union.

"The landed price of fuel has dropped by almost 20 percent from its June 22 level," the AA said.

Source: enca.com
Photo Credit:businesstech.co.za