Sunday, 16 December, 2018

AA expects petrol price drop, diesel price rise for November

Govt okays Rs5 per litre increase in petroleum prices Great news – Petrol price expected to decrease
Priscilla Morrison | 01 November, 2018, 17:30

The AA has stated that it expects the petrol price to decrease in November.

The government is looking to introduce measures to boost competition in setting the price of 93 octane petrol that could result in lower prices and shift higher numbers of consumers into using it rather than higher-octane 95.

The government reduced taxes on petroleum products to maintain the prices and as of now, the General Sales Tax on diesel is 17.5% and 4.50% on petrol.

The AA also said that worldwide petrol prices have shown modest declines in the past month which could lead to the lowering of domestic prices.

In a statement issued by the Pakistan People's Party (PPP) chairman through his spokesperson, Mr Zardari said Prime Minister Imran Khan and Finance Minister Asad Umar must recall their old statements in which they used to strongly censure the then government's decisions to increase petrol prices.

More news: How to get a free Google Home Mini speaker from Spotify

However, diesel and paraffin users are likely to have to cough up around 30 cents more per litre.

Consumers have experienced record high fuel prices due to a rising oil price and weak rand.

The Association noted global petroleum prices had shown modest declines in the past month, which it described as "a cause for optimism".

"2018 has been one of the most tumultuous years in history for South African fuel users, and the economy is still fragile and easily spooked", the AA warned.

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