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Thursday, 10th July 2008 at 3:14 pm

Petrol price may drop

Data supplied on Wednesday (9 July) by the Central Energy Fund showed South Africa’s daily unleaded petrol price moved into an over-recovery situation on July 8 2008 for the first time since December 19 2007. This basically means that the basic petrol price based on the daily product price and exchange rate is less than the basic fuel price used in the calculation of the monthly retail petrol. Therefore, the retail petrol price can be lowered at the next monthly price adjustment, provided the government does not introduce a new levy or raise either the wholesale or retail margin.

We will only know what the situation is on 6 August which is when any petrol price adjustments are made. It would be a shock to many in South Africa if the price of fuel comes down. We have gotten so used to hearing that the price is going up. But even if this minor price decrease happens, the long term does not look too great as inflation continues to rise and the world oil prices which have a direct impact on the price of fuel, continue to reach record highs.

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