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Lower petrol price to bring some relief to battling motorists

95 octane will go down by R1.02 and 89 cents a litre for 93 at midnight but diesel increases by 10 cents and 15 cents for the different grades.

JOHANNESBURG – There will be more relief at the petrol pumps at midnight, with prices set to drop for the third month on a row.

95 octane will go down by R1.02 and 89 cents a litre for 93.

But diesel increases by 10 cents and 15 cents for the different grades.

Illuminating paraffin goes down by 82 cents.

South Africans have been hit by a perfect storm of high fuel prices, rising interest rates and climbing inflation.

With the war in Ukraine breaking out in February, oil prices shot up, sending fuel prices skyrocketing.

But Mineral Resources and Energy spokesperson Robert Maake said that there had been a price correction over the past few months.

“The price of petrol will decrease for a third consecutive month from around R26 per litre in July to around R22 per litre in October,” Maake said.

However, the strong dollar against the rand continues to hamper the overall picture.

There has been a strengthening of the greenback after the US Federal Reserve adopted an aggressive approach, hiking its rate.

Most central banks around the world then followed.

But for now, economists agree that lower petrol prices will deal a major blow to rising inflation, albeit that diesel is set to rise slightly.

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