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Faltering Rand points to significant September petrol price hike

15.08.2017

The Automobile Association (AA) has warned of yet another substantial increase in the fuel of all grades of fuel for September.

Commenting on unaudited data released by the Central Energy Fund on Tuesday, the Association said it expects the price of petrol to rise by 63 cents a litre, diesel by 57 cents and illuminated paraffin by 58 cents come September fifth.

"The Rand has weakened at an average of 20 cents against the US dollar since the start of August, Meanwhile, international fuel product prices have remained on the higher plateau they reached towards the end of July. This means all fuel types are likely to experience substantial price increases at month end," the AA said.

"The Rand's trend over the past two weeks has been towards further weakness against the US dollar, and international fuel prices have traded in a fairly narrow band, meaning we do not expect the picture to improve by month-end".

Earlier today, the national currency was trading at R13.31 to the US Dollar with Brent Crude Oil at $50.56 a barrel.

Article written by Autodealer
15.08.2017
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