JOHANNESBURG -Â FUEL Â prices may jump by as much as two Rand a litre at the beginning of April, warns the Automobile Association’after the Central Energy Fund’s preliminary mid-month data showed that South African motorists are set to be battered by high international petroleum prices and the Rand’s continuing decline against the US dollar.
â€œThe Rand has lost nearly ten percent of its value against the dollar since late February, and oil prices are far off their lows of January,â€ the AA said. â€œPetrol is showing an increase of up to 98 cents a litre, diesel around 63 cents and illuminating paraffin 42 cents,â€says the AA.
The AA add that the association Â the Â increases do not include the Minister of Finance’s new fuel levies which will add an additional 80 cents per litre from April.
â€œThe next adjustment could set a new record for a monthly price increase,â€ Â says an AA Â statement released this week.
â€œThe only positive is a slight softening of international petroleum prices in the first weeks of March, but unless the Rand gains some ground against the US dollar, the outlook for motorists remains unfavourable.â€ – www.zimSinsa.com