Nene sacking means petrol price won't go down as much as it could have: AA
The market unease following Finance Minister Nhlanhla Nene’s surprise axing will lop off about 20c from predicted decreases in the prices of diesel and illuminating paraffin. That’s according to the Automobile Association (AA)‚ which said on Tuesday that “motorists are set to feel the first direct impacts of the unexpected removal” of Nene.The AA said its comments are based on “unaudited fuel price data released by the Central Energy Fund”.“Petrol is largely unchanged‚ with diesel due for a substantial drop of up to 50 cents a litre‚ while illuminating paraffin is down by 43 cents‚” the AA said‚ adding that “without the current rand weakness‚ these drops would have been up to 20c higher”.This was “solely due to continued weak oil prices”‚ and South Africans “can be grateful …that the rand recovered some ground following the re-appointment of Pravin Gordhan as finance minister on Sunday”‚ the association."However‚ we are cautious of pinning our hopes on further drops in the oil price‚ especially since the month still has 15 days to run.“We don't think the rand's recent weakness has yet been fully reflected in the fuel price‚ and if oil prices tick up‚ the results could make for a very bleak new year for South African motorists and commuters."We advise motorists to moderate their expectations of a fuel price drop in January."..
There’s never been a more important time to support independent media.
From World War 1 to present-day cosmopolitan South Africa and beyond, the Sunday Times has been a pillar in covering the stories that matter to you.
For just R80 you can become a premium member (digital access) and support a publication that has played an important political and social role in South Africa for over a century of Sundays. You can cancel anytime.
Already subscribed? Sign in below.
Questions or problems? Email helpdesk@timeslive.co.za or call 0860 52 52 00.