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More petrol price hikes for SA: 'Oil down but Rand pummels fuel price' – AA

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More petrol price hikes for SA: 'Oil down but Rand pummels fuel price' – AA

More petrol price hikes for SA: 'Oil down but Rand pummels fuel price' – AA
Photo by Bloomberg

15th June 2018

By: News24Wire

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Motorists will have to brace themselves as fuel prices look set for another jump going into July, says Automobile Association (AA), commenting on unaudited mid-month fuel data released by the Central Energy Fund (CEF).
 
AA said: "Since the start of June, the Rand has steadily weakened against the US dollar, with the average cost per dollar having climbed from around the R12.50 mark to nearly R13.

"Fortunately international oil prices retreated over the same period, and have had a very small impact on the figures."

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The current data forecast a rise of around 32 cents a litre for petrol and 30 cents for diesel.
 
AA said: "Almost all of the increase is due to Rand weakness and the picture would have looked very much worse if international oil prices had not come down over the past two weeks.
 
"With the volatility of oil markets over the last six weeks, an increase in the oil price cannot be ruled out in the short to medium term, and we once again advise all motorists to avoid unnecessary journeys, make use of car pooling, and practice economical driving techniques." 

Wheels24 reported that the price of petrol increased by 82 cents to more than R15 a litre - the highest South Africans have paid for fuel yet - at the end of May.

From June 6, motorists have been forking out R15.20 (coast) and R15.79 (inland) for petrol.

During the same period in 2017, motorists breathed a sigh of relief with a 23 cents drop per litre of petrol and 25 cents for diesel, as the price hovered near R13/litre.

The next fuel hike will mean that motorists will be paying about R15.52 at the coast and a whopping R16.09 inland. A new record high for South Africans. 

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