Economy

Petrol price set to drop (but diesel will go up), says AA…

Petrol price set to drop (but diesel will go up), says AA…

However, it said the prices of diesel and illuminating paraffin would likely increase.

It is basing its figures on unaudited month-end fuel price data released by the Central Energy Fund.

Meanwhile, after months of fuel price increases, the Automobile Association (AA) says the petrol price is expected to drop by about 16c/l in November while prices of diesel and illuminating paraffin will probably increase by about 30c/l.

"The exchange rate started the month badly but has since levelled out".

A day ago, the Oil and Gas Regulatory Authority (OGRA) had sent a summary to the Ministry of Petroleum recommending an increase of Rs9 per litre in petrol prices.

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He said the poor segment of the society would be the ultimate sufferers in the wake of petrol prices hike.

The national average price of fuel dropped by 10 cents a litre in October, after reaching a 30-year high of $2.48 a litre.

The price of high speed diesel (HSD), meanwhile, has been raised by Rs6.37 per litre.

We do need to note that global petroleum prices have shown modest declines in the past month, which could be seen as "a cause for optimism".

It also added that if the rand maintained its current trajectory of relative stability, this could augur well for the fuel prices as the year-end season approaches. However, AA gives caution against premature celebration.