By Dipo Olowookere

South African government has announced reduction in the price of petrol in the country from Wednesday, December 7, 2016.

Over the weekend, the Department of Energy disclosed that the price of the product would decrease by 20 cents per litre.

However, it emphasised that this would apply to both 93 and 95 octane grades of petrol.

The Department of Energy explained that it took this step because the average international product prices of petrol‚ diesel and illuminating paraffin had dropped during the period under review.

“The Rand appreciated against the US Dollar during the period under review‚ on average‚ when compared to the previous period.

“The average Rand/US Dollar exchange rate for the period 28 October 2016 to 01 December 2016 was 13.9125 compared to 13.9646 during the previous period.

“This led to decreases in the contribution to the Basic Fuels Price on petrol‚ diesel and illuminating paraffin by 2.02 c/l‚ 1.96 c/l and 1.96 c/l respectively,” it explained.

Also, it announced that diesel will decrease by between 31cents/litre and 32 cents/litre‚ depending on the sulphur content‚ while illuminating paraffin will cost between 28 cents and 38 cents less per litre and LP gas 17 cents less from Wednesday.

www.businesspost.ng/2016/12/05/south-africa-reduces-petrol-price-20clitre/

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