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Rand/US dollar exchange rate bring about relief as fuel prices are set for decrease

2020-10-16 09:33
fuel focus,fuel pump,petrol,

Fuel pumps (Getty Images)

• The AA forecast a decrease in the price of fuel and diesel.

• Illuminating paraffin will see an increase.

• The rand/US dollar exchange rate played a part in the decrease.

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Petrol and diesel prices are likely to fall at month-end, with a small increase predicted for illuminating paraffin.

This is according to the Automobile Association, which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.

The AA forecasts that petrol is poised for a reduction of between 14 and 17 cents a litre, with diesel set to fall by approximately 20c/litre. The only upward mover is illuminating paraffin, with the current data showing the fuel up by around 5c/litre.

Working in SA's favour

The AA says: "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 Association says that despite some fluctuations in international oil prices, the basic fuel prices were trending slightly downwards. It also adds that there definitely seems to be some stability returning to oil as the world's markets begin to find their equilibrium again. 

The AA concludes: "We hope these trends consolidate towards month-end, bringing much-needed relief to fuel users countrywide."

Fuel pumps (iStock)

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