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Brace yourselves: Petrol price set to increase at the end of July

2018-07-16 12:36

Image: iStock

Fuel prices are likely to rise again at the end of July going into August. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.

"International oil prices see-sawed during the first half of July, but remained within a fairly narrow band and did not contribute substantially to the price rises we are anticipating for next month.

Tighten the belt further 

The big news is again on the Rand front. The local currency started this month with a deficit thanks to several days of losses against the US dollar at the end of June. However, the Rand clawed back some of these losses during a period of unusually flat trading in the first half of June," the AA explains.

READ: More petrol price hikes for SA: 'Oil down but Rand pummels fuel price' - AA

The Association says the current data suggests a price rise of 19c a litre for petrol, 13c for diesel, and 22c for illuminating paraffin.

"If the prevailing Rand and fuel price trends persist for the rest of July, the fuel price increase may be lower than expected, but we cannot rule out the possibility of further volatility," says the AA.
 
The Association says the recent spike in fuel prices is cause for great concern as it is impacting on the lives of all South Africans, especially the poorest of the poor who rely on paraffin for heating, lighting and cooking.

                                                                           Image: iStock

"The increases have brought the issue of fuel costs firmly into the public domain and we believe now is a good opportunity for government to revisit the issue of the fuel levies with a view to reducing them significantly, especially as this is a cost it has control over,” concludes the AA. 

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