Petrol prices to remain virtually unchanged in August

According to unaudited data released by the Automobile Association (AA), South African motorists might catch a break in August with fuel prices remaining virtually the same after last month’s big hike, reports Sandton Chronicle.

AA South Africa attributes this change to better exchange rate performance and stable international oil prices, according to their unaudited month-end fuel price data.

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“During July, the recent weakening trend of the Rand against the US dollar slowed, as our currency lost some ground, but only marginally. Over the same period, international oil prices showed a slight average decrease which almost exactly canceled the Rand’s losses,” said AA South Africa.

As a result, petrol is expected to increase by around two cents a litre, and illuminating paraffin by four cents a litre.

On the plus side, diesel will be cheaper by about four cents a litre. After several successive fuel price increases, motorists and other fuel users will have a breather and the general stability of the fuel price during July will come as a relief to many.

AA continued: “Even though international oil prices showed a slight upward trend towards the end of July, motorists’ budgets would probably remain under pressure for the rest of the year.”

They reiterated that 2018 has been a year of volatility in the fuel price, and the seesawing Rand and oil price suggest that caution should be the watchword in households.

Here is the predicted petrol price for August 2018:

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