Motorists can brace themselves for what is believed is going to be a record fuel price hike as of April.
Fuel prices may jump by as much as two Rand a litre at the beginning of next month. This is the Automobile Association’s (AA) warning after the Central Energy Fund’s preliminary mid-month data showed that South African motorists are set to be battered by high international petroleum prices and the Rand’s continuing decline against the US dollar.
The Rand has lost nearly ten percent of its value against the dollar since late February, oil prices are far off their lows of January and petrol is showing an increase of up to 98 cents a litre, diesel around 63 cents and illuminating paraffin 42 cents.
This is over and above the Minister of Finance Nhlanhla Nene’s new fuel levies which will add an additional 80 cents per litre from April.
