Automobile Association (AA) stated the price reduction for diesel is expected to be two to four cents a litre, with illuminating paraffin down by a cent.
AA was commenting on un-audited month-end data released by the Central Energy Fund (CEF).
The AA spokesperson Layton Beard said, “The weakening Rand has yet again seen South African motorists miss out on substantial drops in international oil prices. Almost 60 cents a litre in price relief has been lost to the Rand in the past two months.”
The association also stated that fuel prices are set to show only slight declines at month end, as the benefits of the retreating oil price continue to be offset by a weaker Rand.
“If the Rand had held steady at its early-November levels, we would be expecting fuel prices to drop by 25 to 30 cents a litre thanks to a weaker oil price,” Beard said. However he said, the month-end pictures mirrors that seen at mid-month and the decline in the Rand / US dollar exchange rate has closely matched oil’s gains. “We expect only marginal changes in the fuel price,” the AA concluded.
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