Tuesday, January 27, 2009

Petrol Holiday is Over - Prices set to rise 42c next week

NVDL: If you were hoping food or other prices might come down, think again.
THE retail price of petrol is set to be increased next week, bringing to an end several months of back-to-back decreases, according to economists.

The minerals and energy department last increased the petrol price in July last year. The department earlier this month decreased petrol, diesel and paraffin by large margins because of relatively low international oil prices.

But daily figures from the Central Energy Fund showed there had been an underrecovery in the price of petrol since earlier this month, raising the prospects of a price hike. From January 2 to Friday last week, petrol had under- recovered by more than 42c/l.

However, low-sulphur diesel and the ultra-low sulphur diesel overrecovered by more than 13c/l and 14c/l, respectively. Illuminating paraffin also over- recovered by more than 23c/l.

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