Commenting on unaudited data resealed by the Central Energy Fund earlier today (January 29th), the AA said that higher international oil prices and a firmer Rand relative to the US Dollar, had eroded the majority of initial gains and could instead result in the price of fuel rising by eight cents a litre, though diesel will drop by three cents and illuminating paraffin by nine cents.
“What is worth noting is that the average Rand strength against the US dollar has been increasing for nearly a month, and we are hopeful this may point to a period of greater stability for the currency.If international oil prices continue their current stable trend, South African fuel users may see fewer of the wild swings in fuel prices which characterised 2018,” the AA said.
By mid-day, the Rand was trading at R13.62 to the greenback with Brent Crude Oil at $59.80 a barrel.
