Fuel prices are set for another hike at the end of January. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund (CEF).
“The Rand / US dollar exchange rate has firmed slightly since the start of January 2017,” the AA said. “But international oil prices have surged ahead by a far greater margin.”
The AA is predicting that petrol is set to jump by 44 cents, diesel by 37 cents, and illuminating paraffin by 31 cents.
“There is always the hope that the spike in international oil prices will not persist, but that seems unlikely,” the Association said.
“South Africans should already be thinking of trimming any unnecessary expenses to accommodate a series of fuel price hikes which seem likely in the medium term,” the AA concluded.