Prepare to pay more for your fuel than Christmas presents
The AA cautions that the picture may worsen before the end of the month.
Unaudited mid-month fuel price data released by the Central Energy Fund (CEF) is forecasting a sharp jump in fuel prices at the end of November.
This is according to the Automobile Association, which says that motorists cannot expect much respite from a weakening domestic picture.
The Rand is testing one-year lows against the US dollar. In addition, there have been heavy increases in international oil prices.
Illuminating paraffin tops the list with a projected increase of 75 cents a litre, petrol is set for a 74-cent rise, and diesel 63 cents.
The AA cautions that the picture may worsen before the end of the month.
Concerns over government’s fiscal discipline are likely to continue weighing heavily on the Rand, and if these factors combine with continued oil strength, South Africans will face heavy fuel price hikes for the remainder of 2017 and into early 2018.
Some tips on how to cope with the petrol hike:Â
*Spending less on luxuries like eating out
*Avoiding accumulating more credit and settling your loans quickly
*One can also consider options like starting travel clubs with colleagues or cycling, as alternative means of travelling to work.
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