Retail price of petrol in South Africa will drop by 10 cents/litre tomorrow

By bne IntelliNews August 2, 2010
The retailprice of petrol in South Africa will drop by 10 cents/litre tomorrow. Prices ofdiesel, wholesale paraffin and illuminating paraffin will also be lowered.Energy department spokesman Bheki Khumalo said the decline in prices was mainlydue to a fall in international fuel demand and the stronger rand. Althoughremaining below break-even level, the purchasing managers index (PMI) for Julyrose for the first time in five months, to 49.5 from 48.4 in June, emphasisingmanufacturings struggle to improve. In a sign that the sector is stillshedding jobs, the PMI employment component rose to 47.6 from 45.9. A Bureau ofEconomic Research survey indicated that readings that continue below 50 willindicate a notable loss of momentum in the local GDP growth recovery.Statistics South Africa data showed job losses in manufacturing, privatehouseholds, transport, construction and agriculture.

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