Thumped at the pumps

18 October 2016 - 10:21 By Staff reporter

Petrol is to increase by around 48c a litre, diesel by 64c and paraffin by 57c next month, the Automobile Association predicts. Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA explained: "There has been a definite appreciation in oil prices since Opec resolved to cut production."The international price of petrol has climbed. Despite the rand's gradual appreciation against the US dollar, there has been a substantial impact on what South Africans are likely to be paying at the pumps next month."The motoring body also cautioned that the full effects of the rand's recent decline in the wake of the National Prosecuting Authority's decision to charge Finance Minister Pravin Gordhan with fraud had not yet filtered into the data, and could be expected to put further pressure on fuel prices."Our hope is that matter will be brought to a swift conclusion to reduce the tensions our markets are experiencing, and to bring more stability to our economic outlook," the AA said."This is essential to minimise further weakening of the rand/dollar exchange rate, which directly affects the price South Africans pay for fuel."..

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