The weak rand has erased a potential drop in the local petrol price of between 30 cents to 37c a litre, the Automobile Association (AA) said on Wednesday.<\/p>\n
In commenting on unaudited mid-month data released by the Central Energy Fund (CEF), the AA said gains in international petroleum prices have been negated by the deteriorating rand.<\/p>\n
“Instead, the current data shows that the price of 95 unleaded petrol is set to remain virtually unchanged, while a slight decrease of 7c\/litre is predicted for 93 unleaded,” said the AA.<\/p>\n
It said diesel consumers are in line for hefty price jumps of up to 50c\/litre, with rand weakness accounting for around two-thirds of the hike. Illuminating paraffin shows a similar picture.<\/p>\n
“There is little certainty on where the bottom of the oil price may be, or on the outlook for the rand\/dollar exchange rate. Given the instability of the past two weeks, it is very difficult to forecast the movement of the fuel price by month end,” concluded the AA.<\/p>\n
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