Industry NewsMotoring

Downward trend continues

The Automobile Association (AA) predicts a continued downward trend of fuel prices and only a small increase in the price of illuminating paraffin. 

It forecasts that petrol is poised for a reduction of between 14 and 17 cents a litre, with diesel set to fall by approximately 20 cents a litre.

The only upward mover is illuminating paraffin, with the current data showing the fuel increasing by around five cents a litre.

“So far in October, we have seen both the rand/US dollar exchange rate and international oil prices working in South Africa’s favour.

After a large spike in the daily exchange rate in the second half of September, the rand has returned to its previous leisurely strengthening trajectory, improving from around R16,70 to the dollar at the start of October, to its current level of about R16,55,” the AA says.

It adds that despite some fluctuations in international oil prices, the basic fuel prices were trending slightly downwards.

“We hope these trends consolidate towards month-end, bringing much-needed relief to fuel users countrywide,” the AA concludes.

Source: AA  

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