Commenting on unaudited released by the Central Energy Fund on Thursday August 15, the AA said that a sudden fall in the value of the Rand and gradually improving international oil prices had been key in the predicted uptake, which, based on current data, would see the price of petrol rising by 10 cents a litre, diesel by 16 cents, and illuminating paraffin by 12 cents.
The AA said in a statement: “International oil prices have dropped markedly since the beginning of the month, with crude oil having consistently traded below 60 US dollars per barrel. In recent days though, there have been signs of an uptick, which could see fuel prices come under renewed pressure.
“However, the Rand plummeted over the same period after trading within a consistently narrow band since June. This has turned a likely fuel price reduction into an across-the-board increase. We are concerned that there may be worse to come”.
At mid-day on Thursday, the Rand was trading at R15.35 to the US Dollar with Brent Crude Oil at $58.62 a barrel.