Mixed August fuel price picture painted
The Automobile Association (AA) has painted a mixed fuel price picture for August with an expected uptick in petrol and downturn in diesel.
Handle fuel nozzle to refuel. Vehicle fueling facility.
Commenting on unaudited data released by the Central Energy Fund on Monday (15 July), the AA said that a stronger Rand had been offset by international oil price gains as a result of ongoing political constraints in the Middle East.
Based on current data, the association said it expects the price of petrol to rise by seven cents a litre, but diesel to drop by 20 cents and illuminating paraffin by 14 cents.
“There has been considerable volatility in both the exchange rate and the Rand over the past month. The mid-month fuel picture is usually a good indicator of what is likely to happen at month end, but the current political and economic drivers of both the exchange rate and oil price are highly fluid,” the AA said.
By mid-afternoon on Monday (15 July), the Rand was trading at R13.86 to the US Dollar with Brent Crude Oil at $67.03 a barrel.
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