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Fuel price data is mixed for next month, and gasoline prices will fall much more than diesel.
This is according to the Automobile Association (AA), which stated that the appreciation of the rand has been offset by a strong rebound in international oil prices.
The AA was commenting on the unaudited mid-month fuel price data released by the Central Energy Fund.
“It is quite unusual to have a variety of price perspectives as is the case today,” AA said.
“Gasoline will go as low as 36 cents a liter, but by contrast, diesel will probably only see a four-cent drop. Meanwhile, the illuminating paraffin is showing an increase of almost ten cents a liter. “
Changes in fuel prices
- Gasoline – Reduction of R 0.36 per liter
- Diesel – Decrease of R0.04 per liter
- Illuminating paraffin – R0.10 per liter of increase
The AA said the recent rise in international refined fuel prices ends a month-long price drop.
The international price of diesel rose almost 20% between November 2 and 11 before declining slightly, while gasoline rose more than 15%.
“Fortunately, the Rand has faced most of these increases and has appreciated strongly against the US dollar, falling below R15.50 per dollar on November 10,” AA said.
He added that currency and oil price fluctuations were attributable to world consumption recovering faster than production and to “background noise” surrounding the US election of Joe Biden as president.
“Under the circumstances, oil prices and the Rand / USD exchange rate are as stable as can be expected.”
The AA said the big drops and bounces in fuel prices over the past six months appear to have been resolved, but cautioned that this does not mean future prices are safe.
“With the South African economy in its current fragile state, fuel users will be among the first to feel any economic impact,” AA said.
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