Did you know SA has a new record holder?
No we are not talking about the Olympics, SA's fuel price hit a record high.
As of midnight the price of fuel hit record highs, breaking all standing records. According to the Automobile Association (AA) the price of fuel hit record highs across the country, surpassing the priciest fuel that has ever been in South Africa.
In a statement, the association said fuel first hit record highs in April when 95 ULP in Gauteng was priced at R17.32 a litre, and R16.61 at the coast. “Record highs were again recorded in July with the price pegged at R17.39 inland, and R16.67 at the cost.”
They added that the last time fuel was priced above R17/l was in October/November 2018 when the price reached R17.08 for 95 ULP in Gauteng.
“These figures however, pale against the R18.30/l (Gauteng) and R17.58/l (coast) which came into effect for August.”
Petrol 95 ULP is now 23.15% more expensive than it was in January in Gauteng, and 24.15% more expensive at the coast. Diesel is between 20.31% and 21.13% more expensive in Gauteng and the coast compared to January numbers, the association said.
The AA also commented on the steep increases to illuminating paraffin. “The biggest shock is the steep increases to illuminating paraffin prices; a litre of paraffin in Gauteng is now 30.31% more expensive than it was in January and 33.84% more expensive at the coast than in the beginning of the year.”
The AA concluded that given the fluidity of the two key factors which influence the local fuel price – the rand/US Dollar exchange rate and international petroleum product prices – it’s impossible to forecast the trajectory of future fuel price movements in the coming months.
In light of the recent fuel price increase and the rate of possible increases to come the AA offers 11 top tips whereby motorists can improve the fuel economy of their vehicle.
