The new year kicks off with some good news for fuel users, with across-the-board reductions in prices.
This is according to the Automobile Association (AA), which was commenting on price movements announced by the Department of Mineral Resources and Energy (DMRE) on Monday evening.
According to an official announcement by the Minister of Mineral Resources and Energy, Gwede Mantashe, petrol is set to drop by between 68 and 71 cents a litre, with diesel down by between 67.8 and 69.8 cents a litre. Illuminating paraffin will be lower by 95 cents.
The prices of all fuels will be adjusted at midnight on Tuesday and are effective from Wednesday, 5 January.
The Association also says that with Omicron resulting in considerable infection rates in the Northern Hemisphere, the possibility of lower consumer and industrial demand for petroleum products may follow, as was seen in the initial waves of COVID-19 in 2020 especially.
The AA says the current high fuel prices must still be a driving force for a review of the fuel price structure, as well as an audit of the existing prices within that structure.
