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Petrol price could drop significantly in July

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NEWSWATCH: The month of July will reportedly see a significant drop in fuel prices with independent economist Dawie Roodt expecting the price of petrol to decline by between 60 and 64 cents a litre, and diesel by about 60 cents a litre.
Petrol price could drop significantly in July

© Maksim Vivtsaruk via 123RF

According to a report on IOL, this is due to the international oil price remaining depressed.

The report further states that, according to Neil Roets, chief executive of debt counselling company Debt Rescue, it could be a “very different” story in August if the three rating agencies decided to further downgrade South Africa’s rand-denominated debt to junk status.

Says Roets: “This could have a significantly negative impact on the currency leading to currency outflows resulting in a higher US dollar crude oil price.”

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