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Shock fuel price hike in store

Fuel prices may jump by as much as two Rand a litre at the beginning of April. This is the Automobile Association's warning after the Central Energy Fund's preliminary mid-month data showed that South African motorists are set to be battered by high international petroleum prices and the Rand's continuing decline against the US dollar.

“The Rand has lost nearly ten percent of its value against the dollar since late February, and oil prices are far off their lows of January,” the AA said. “Petrol is showing an increase of up to 98 cents a litre, diesel around 63 cents and illuminating paraffin 42 cents.”

The Association also said that these increases do not include the Minister of Finance's new fuel levies which will add an additional 80 cents per litre from April. “The next adjustment could set a new record for a monthly price increase,” the AA commented. “The only positive is a slight softening of international petroleum prices in the first weeks of March, but unless the Rand gains some ground against the US dollar, the outlook for motorists remains unfavourable.”

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