NEWCASTLE – The Central Energy Fund (CEF) is the bearer of bad news of motorists after releasing un-audited mid-month fuel price data on October 17, indicating yet another fuel price hike end of October.
Read: Keeping your tanks filled will be cheaper this month
Predictions by the CEF and Automobile Association (AA) are that fuel prices are to increase by an estimated 48 cents a litre, diesel by 64 cents and illuminating paraffin by 57 cents.
“There has been a definite appreciation in oil prices since OPEC resolved to cut oil production,” the AA said.
“The international price of petrol has climbed from 136 US cents per gallon to 148 cents since 27 September. Despite the Rand’s gradual appreciation against the US dollar over the same period, there has been a substantial impact on what South Africans are likely to be paying at the pumps next month.”
The motoring body added that the full effects of the Rand’s recent decline in the wake of the NPA’s decision to charge Finance Minister, Pravin Gordhan, with fraud had not yet filtered into the data, and could be expected to put further pressure on fuel prices before month end.
Also see: Another hike on the way
AA also noted that a swift conclusion to this matter would suffice to reduce the tensions the markets are currently experiencing, and to bring more stability to the country’s economic outlook.
