Battered Rand pushes the price of fuel even higher – AA
Motorists can expect to a substantially higher price at the pumps next month due to the Rand losing ground against the US Dollar
The September outlook is bleak… More fuel price hikes are on their way courtesy of a weaker Rand,” says the Automobile Association (AA) commenting on unaudited month-end fuel price data supplied by the Central Energy Fund (CEF)
“The international petroleum prices remained virtually unchanged on average during August, but the Rand lost substantial ground against the US dollar, increasing the landed price of fuels,” the association adds.
According to the report petrol is expected to increase by between 23 and 25 cents a litre, with diesel rising by around 28 cents and illuminating paraffin by 17 cents.
“This will, for the first time, push the cost of 93 unleaded octane fuel inland above the R16 a litre mark, a significant barrier,” the AA notes.
The association contines by saying that the Rand remains under pressure and a recent spike in international oil prices could mean more pain at the pumps if it continues.
“A return to cheap fuels doesn’t look likely and consumers will continue to be forced to economise,” concludes the AA.
