Massive relief on the cards for motorists
Motorists can expect a massive
drop in the price of fuel ahead of the festive season.
Economist Mike Shussler says the relief at the petrol pumps could be "the biggest cut in petrol prices ever in actual rands and cents”.
Schussler says petrol could drop by as much as R1.80 in December, while the price of diesel could drop by between R1.33 and R1.50 a litre.
"Which would be the biggest price reduction ever for the South African economy and that is due to the very quick fall in the oil prices that we have seen and the comeback of the rand."
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Schussler says there are other factors which could end up reducing the price cut.
"I think overall the Minister of Energy (Jeff Radebe) should at least make sure the slate is not getting more money from us, because the quick decline in oil price wiped out the negative slate for consumers. I also hope they don't lift any other margin - like wholesale - right now, that should give consumers the break we need."
Should the current decline in the international oil continue, or if prices remain more or less the same, it should allow motorists some breathing space, Schussler says.