Motorists can expect a sharp jump in fuel prices at the end of November.
Commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF), the Automobile Association (AA) said that the steep increase was due to a number of factors including the Rand’s one-year low to the dollar and heavy increases in international oil prices.
The data indicates that motorists can expect to pay an increase of 74 cents for 95 petrol, and 75 cents for 93 petrol.
Diesel is expected to increase by 63 cents.
However the AA cautioned 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 AA said.
“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.”
|Fuel||November official||December expected|
|0.05% Diesel (wholesale)||R12.36||R12.99|