Petrol price may drop by 20 cents

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Monday, 21st July 2008 at 9:19 pm

Petrol price may drop by 20 cents

There may be a slight relief for consumers in the horizon. The daily unleaded petrol price increased to an over-recovery of 74.442 cents per litre on July 18 after moving into an over-recovery situation on July 8 2008 for the first time since December 19 2007. An over-recovery 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. The basic fuel price has dropped by 100.307 cents per litre between July 3 and July 18. An over-recovery therefore implies that 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. So all eyes will be set for August 6 when consumers will know if the price of fuel does in fact come down.

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