Rand hammers fuel price, diesel expected to rise 50c per litre: AA
Gains in international petroleum prices had been negated by the deteriorating rand‚ the Automobile Association (AA) said on Wednesday‚ warning of a substantial hike of up to 50c a litre for diesel. Commenting on unaudited mid-month data released by the Central Energy Fund‚ the association said‚ "Petrol would have been set for a drop of between 30c to 37c a litre‚ but that has been erased by the weak rand."Instead‚ the current data shows that the price of 95 unleaded petrol is set to remain virtually unchanged‚ while a slight decrease of 7c a litre is predicted for 93 unleaded."Meanwhile‚ diesel consumers were in line for hefty price jumps of up to 50c a litre‚ with rand weakness accounting for about two-thirds of the hike.Illuminating paraffin showed a similar picture."There is little certainty on where the bottom of the oil price may be‚ nor on the outlook for the rand /US dollar exchange rate‚" the AA said."Given the instability of the past two weeks‚ it is very difficult to forecast the movement of the fuel price by month end‚" it said...
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