Petrol prices set to rise after short lived plummet
NATIONAL – The petrol plummet was short lived and the reduced price is set for reversal as the weakening Rand and stronger international petrol prices combine at the pumps.
As diesel and paraffin increases by 24 cents, the petrol hike is likely to be 51 cents, however it all depends on the global market. “With the Rand still on a weakening trend against the US dollar, the fuel price move at the end of September will depend largely on international petroleum prices,” said the Automobile Association (AA).
This is what the AA predicts after an unaudited mid-month fuel price data released by the Central Energy Fund (CEF). “The Rand’s slow, steady appreciation against the US dollar during July and August was dealt a considerable setback by the controversy surrounding the Hawks’ investigation of Finance Minister, Pravin Gordhan,” the AA said.
South African motorists enjoyed a 99 cent petrol price plummet in August this year while the price plummeted again by 18 cents on September, 7.
But uncertain Rand strength leaves the plight of the pump in global hands.