Fri. Dec 13th, 2019

Industry News: South Africa’s fuel prices: there’s good news and bad news, says AA…

The Automobile Association says South Africa’s fuel price data is showing “a mixed picture” for November, with some prices predicted to climb and others to fall.

Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA said this was an indication of how flat the month had been to date.

According to the AA, 93 octane petrol was showing a five-cent a litre drop, while 95 octane petrol was set to rise by ten cents. Diesel was forecast to climb by two cents while illuminating paraffin looked set for a two-cent decrease.

“The rand, which lost considerable ground against the US dollar in the second half of September, has stabilised around the R15,20 mark and has generally offset slight rises in international oil prices. In its turn, oil has retreated from the price spike arising from last month’s Saudi oil refinery attacks, giving a more stable picture for the motorist,” said the AA.

The Association added that, at first glance, the oil price seemed to be finding its way back to normal, and the rand, as ever, was a bellwether of the current mix of poor economic conditions and reticence by investors.

“The rand has trended stronger against the dollar over the past few days, so it’s possible the picture could improve by month end,” the AA concluded.

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