Rand may bolster lower fuel

2016-02-24 06:00

THE petrol price may fall by between 56 and 59 cents a litre from the first Wednesday of next month if the oil price and rand value holds steady.

The Automobile Association (AA), commenting on the mid-month fuel data released by the Central ­Energy Fund, said recently oil prices have continued­ to remain low.

In addition, the rand-U.S. dollar exchange rate — South Africa pays dollars for its crude oil imports — had strengthened this month.

“The rand has ­recouped some of its losses against the dollar and ­traded in a fairly narrow band since the end of ­January,” the AA said. ­

Current indicators showed a decrease of 56 cent to 59 cents a litre, with around 11 cents attributable to gains in the rand, the AA said.

The international price of diesel climbed in the first half of February, but the exchange rate offset some of this – diesel is predicted to increase by seven cents a litre at month end.

The AA reminds the public they have until 11 March to comment on proposed change to the AARTO Act, which will impact on driving licences.

- Witness Reporters.

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