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Petrol price shock forecast for June - new record highs expected

31 May 2018 - 14:00 By Timeslive
Image: 123rf/ Laura Gangi Pond

Fuel prices will jump to record highs in June‚ says the Automobile Association (AA).

Petrol is expected to rise by up to 85 cents a litre‚ diesel by 87 cents‚ and illuminating paraffin by 82 cents‚ the consumer organisation predicted on Thursday.

Commenting on unaudited month-end fuel data released by the Central Energy Fund (CEF)‚ the AA commented: “The rand traded in a fairly narrow band against the US dollar throughout May. However‚ international oil prices have come under strong pressure‚ accounting for two-thirds of the price rise which will come into effect next Wednesday‚ 6 June.”

The association said the price hike also included a large deficit carried over from April.

It explained: “The Department of Energy’s monthly close-out happened early due to the public holidays in April‚ after which the rand lost almost 60 cents against the US dollar in a matter of a day. This meant a substantial fuel price rise was a near-certainty from the start of May.”