POLOWKANE – According to the Automobile Association (AA), trends are showing that another massive fuel price hike is likely at the end of May. The AA were commenting on unaudited mid-month fuel price data released by the Central Energy Fund.
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“Last month’s fuel price account was closed earlier by the Department of Energy, resulting in the postponement of a substantial 50 cent-per-litre increase brought on by a weakening Rand and rising international oil prices at the end of April,” the AA explains.
The AA says this means the country started the month (May) with a substantial fuel price deficit.
“In the first half of May, the fuel picture has continued to worsen, with steep oil price rises and ongoing weakness of the Rand against the US dollar,” they said.
South African fuel users are currently facing increases of 74 cents a litre for petrol, 81 cents for diesel, and 78 cents for paraffin.