OIL is expected to continue its decline this year because of higher production and a slowing global economy.
"Depending on the strength of the rand‚ South Africans could be paying less for petrol by year's end," Standard Bank commodities strategist Marc Ground said.
Over the past 12 months, oil has fallen by more than 2% and is at $108.69 a barrel‚ with analysts expecting it to end the year at about $105 per barrel. SA has not had the benefit of softer oil prices as the rand has weakened 9.01% against the US dollar this year‚ contributing to a 15% increase in inland petrol prices. – I-Net Bridge
