According to data released by the Central Energy Fund (CEF), it looks like South Africans need to brace themselves for the fourth consecutive petrol price hike this year. This is due to the weakening Rand against the US dollar, with the average cost per dollar having climbed from around the R12.50 mark to nearly R13.52 (as of today).
The only relief is that international oil prices retreated over the same period, and have had a very small impact on the figures. The current data forecasts a rise of around 32 cents a litre for petrol, 30 cents for diesel, and 22 cents for illuminating paraffin.
Automobile Association released a statement that said: “Almost all of the increase is due to Rand weakness and the picture would have looked very much worse if international oil prices had not come down over the past two weeks.”
South Africans may be facing yet another fuel price hike – current data forecasts a rise of around 32 cents a litre for petrol, 30 cents for diesel, and 22 cents for illuminating paraffin. How will you be mitigating your fuel costs? https://t.co/TrWMLHTYvx pic.twitter.com/hfDnntDKs8
— AA South Africa (@AASouthAfrica) June 15, 2018
Since April, the petrol price has increased by as much as 15% – up more than R2 per litre in three months. If the current market trends continue, the price of petrol could reach R16 (for 95 octane).
“With the volatility of oil markets over the last six weeks, an increase in the oil price cannot be ruled out in the short to medium term, and we once again advise all motorists to avoid unnecessary journeys, make use of carpooling, and practice economical driving techniques,” said AA.
Here is the predicted petrol price for July 2018:
2018 Petrol prices so far: