South Africa Fuel Price to Drop First Time in 6 Months in July
South Africa Fuel Price to Drop First Time in 6 Months in July
(Bloomberg) -- The price of gasoline in South Africa will drop for the first time in sixth months in July, reducing some inflation pressure.
The price of a liter of 95-octane gasoline will decrease to 15.81 rand ($1.12) a liter in the economic hub of Gauteng from midnight on July 3, compared with 16.76 rand in June, the Mineral Resources and Energy Minister Gwede Mantashe said Friday in an emailed statement. The wholesale price of diesel will fall by 0.75 rand and the cost of kerosene, used for cooking, and liquid petroleum gas will also be lower.
The new gasoline price will be lower than the level of July 2018, helping to stabilize inflation which was at 4.5% last month. Fuel prices in South Africa, an oil importer, are influenced by international crude costs and fluctuations in the rand.
To contact the reporter on this story: Rene Vollgraaff in Johannesburg at rvollgraaff@bloomberg.net
To contact the editors responsible for this story: Benjamin Harvey at bharvey11@bloomberg.net, Alastair Reed
©2019 Bloomberg L.P.