Mixed picture for fuel price at month-end
Higher international fuel prices and a weakening Rand/US dollar exchange rate have increased the likelihood that motorists will pay more at the pumps at the end of July.
According to the Automobile Association (AA) there was a slight decrease in the international petrol price, but diesel and paraffin are up.
“Meanwhile, the Rand’s slip against the US dollar added around 17c a litre to fuel prices across the board,” the AA says.
“As a result, our mid-month prediction is that the petrol price is set to increase by up to seven cents a litre based on the current data, with diesel up 22c and illuminating paraffin 19c higher.”
The association says international petroleum product prices have generally trended towards higher prices during July, while the exchange rate picture trends towards weakness, adding a continuation of these trends can cause even higher fuel price hikes by month-end.
“As we have previously noted, the fuel price relief of recent months is unlikely to be sustained and motorists should be prepared to pay more at month-end,” the AA concludes.
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