Commenting on unaudited data released by the Central Energy Fund on Friday afternoon (February 15th), the AA said that a weaker Rand and steadily improving international oil prices are to the blame for the second uptake of the year, which, based on current data, will see petrol rise by 43 cents a litre, diesel by 62 cents and illuminating paraffin by 47 cents.
“The Rand has slipped from R13.20 against the dollar on 1 February to R14.12 on 14 February. This is not good news for fuel users at a time when oil is also rising. If the trendlines for oil and the Rand don't flatten out, there could be worse to come before month end. We advise motorists to factor some fuel price pain into their budgets as we move towards March,” the AA said.
At the opening of markets on Monday (February 18th), the national currency stood at R14.05 to the US Dollar with Brent Crude Oil at $66.35 a barrel.
