From the news desk

Price of petrol to drop in October

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South Africa’s drivers will be happy to hear that don’t need to fork out more money when filling up their tanks in October – the Automobile Association (AA) announced that fuel prices will drop “significantly”.

The AA made these comments while assessing unaudited month-end fuel price data by the Central Energy Fund (CEF), and said that the fuel prices will change as follows:

– 93 Petrol – 24c per litre decrease

– 95 Petrol – 33c per litre decrease

– Diesel – 93c per litre decrease

– Illuminating paraffin- 78c per litre decrease

“The Rand’s daily average dipped as low as R16.10 to the US dollar on September 18, following a long downward trend which began in the first week of August,” said the AA. “However, a steep jump to around R16.90 followed by a brief plateau and a further spike to nearly R17.20 caught watchers unawares, and there is rightly some concern about the Rand’s short- to medium-term trajectory.”

According to the AA, the strengthening international price of petroleum has also resulted in weaker price drops.

“Almost in lockstep with the Rand, diesel and petrol prices spiked, and then pulled back before starting a further climb,” said the AA. “If this trend of a weakening Rand and rising international fuel prices continues, it could be extremely negative for South African fuel users, and we will watch further changes with interest.”

“It is too early to tell whether the spikes in both were a blip or the start of a more sustained reversal, but motorists should continue to be wary given the ongoing instability in both local and global economies,” they added.

Source: Cape Town ETC

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