Another hefty fuel hike looming
If the increase materialises, fuel prices will have increased by more than one Rand in two months.
JUST as consumers are beginning to settle down following VAT and petrol increases, they may soon be required to dig deeper into their pockets. The Automobile Association(AA) has announced that fuel prices are set to increase again at the end of this month.
In a statement AA has attributed the looming hike to the weakening of the Rand, among other things.
“The Rand weakened slightly against the US dollar in the first half of April. Petroleum prices were also largely flat in the first week of April, but spiked sharply as tensions escalated in Syria. The Middle East lies near many of the world’s key oil producers, and petroleum prices have historically been sensitive to instability in the region,” said the association.
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The AA however pointed out that the spike in international petroleum prices accounts for nearly the entire rise in fuel prices predicted by the mid-month data.
The predicted increase comes on the back of a 72 cents increase in at the begining of April.
Petrol is set to increase by 41 cents per litre, diesel 48 cents per litre, and illuminating paraffin 38 cents per litre.
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