[VIDEO]: Petrol price could see a R2 hike
According to a Automobile Association (AA) press statement the hike can be due to high petroleum prices and the weak rand.
The Automobile Association (AA) predicts that fuel prices may increase by as much as R2 a litre next month.
This follows the Central Energy Fund’s preliminary mid-month data showing that South African motorists are set to be battered by high international petroleum prices as well as the rand’s continuing decline against the US Dollar.
In a press statement the AA said the rand has lost nearly ten per cent of its value against the dollar since late February. Oil prices also are far off their lows since January.
“Petrol is showing an increase of up to 98 cents a litre, diesel around 63 cents and illuminating paraffin 42 cents,” the Association said.
The Association also said these increases do not include the Minister of Finance’s new fuel levies, which will add an additional 80 cents per litre from April.
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“The next adjustment could set a new record for a monthly price increase,” the Association commented.
“The only positive is a slight softening of international petroleum prices in the first weeks of March, but unless the rand gains some ground against the dollar, the outlook for motorists remains unfavourable.”
