Wednesday, 1st October 2008 at 2:51 pm
Fuel price drop on 1 October 2008

There was some relief today for consumers in South Africa as the price of fuel dropped at midnight last night. The price of 91 octane petrol decreased by 29 cents a litre, while 93 octane dropped by 27 cents and 95 octane by 25 cents. The wholesale price of diesel dropped by between 55 and 65 cents a litre, whereas the wholesale price of illuminating paraffin also dropped by 65 cents a litre. This is the third consecutive month that fuel prices have been cut. The Department of Mineral and Energy says lower crude oil prices contributed towards the price cuts. But for how long will the crude oil prices remain low? Not for long according to analysts in the US. Following on from the financial crisis gripping the US right now, some are predicting the crude oil price to rise as high as $250 a barrel. This would certainly not be good news for consumers across the whole world.

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