The Automobile Association (AA) of South Africa has warned that further substantial fuel price hikes are looming for the end of October.
The AA’s warning is based on the unaudited mid-month fuel price data released by the Central Energy Fund.
International oil prices remain stubbornly high.
It is possible that current tensions involving Saudi Arabia, one of the world’s biggest oil producers, could place more pressure on fuel prices.
However, the welcome news is that the Rand is working in South African’s favour, and the recent firming of our currency against the US dollar has taken some of the bite out of oil’s rally.[Source: SABC News]