×

We've got news for you.

Register on SowetanLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

Massive jump in petrol price predicted by AA

'BLACK GOLD': Petrol is set for a 74-cent rise
'BLACK GOLD': Petrol is set for a 74-cent rise

Unaudited mid-month fuel price data released by the Central Energy Fund (CEF) is forecasting a sharp jump in fuel prices at the end of November. This is according to the Automobile Association‚ which says that motorists cannot expect much respite from a weakening domestic picture.

“The Rand is testing one-year lows against the US dollar‚” the Association says. “In addition‚ there have been heavy increases in international oil prices.”

Illuminating paraffin tops the list with a projected increase of 75 cents a litre‚ petrol is set for a 74-cent rise‚ and diesel 63 cents.

The AA cautions that the picture may worsen before the end of the month.

“We cannot ignore signs that South Africa may face a further round of downgrades by ratings agencies‚ possibly even before December‚” the Association said in a statement.

“Concerns over government’s fiscal discipline are likely to continue weighing heavily on the Rand‚ and if these factors combine with continued oil strength‚ South Africans will face heavy fuel price hikes for the remainder of 2017 and into early 2018‚” the AA said.

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.