Pain at the pumps expected over festive season | Fin24
 
Loading...

Pain at the pumps expected over festive season

Nov 15 2017 12:58

Cape Town - The Automobile Association (AA) on Wednesday predicted a sharp jump in fuel prices at the end of November, with petrol projected to increase by 74 cents and diesel by 63 cents a litre. 

It expects illuminating paraffin to increase by 75 cents a litre.

The AA said its projection is based on data released by the Central Energy Fund, and was due to a weak rand and increases in global oil prices.

It cautioned that price increases may worsen before the end of the month.

"We cannot ignore signs that South Africa may face a further round of downgrades by ratings agencies, possibly even before December," it said. 
 
"Concerns over government's fiscal discipline are likely to continue weighing heavily on the rand, and if these factors combine with continued oil strength, South Africans will face heavy fuel price hikes for the remainder of 2017 and into early 2018."

SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

Read Fin24's top stories trending on Twitter:

NEXT ON FIN24X

 
 
 
 

Company Snapshot

#MINIBUDGET2019

Struggling power utility Eskom will take centre stage at this year's mini budget
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote

Loading...