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Rand strength to ease petrol price hike in March – AA

Cape Town – The Automobile Association (AA) expects the petrol price to increase by between three and four cents a litre in March following February’s 29c price hike.

Rising international petroleum prices are being offset by a stronger rand, the AA explained. The local unit was trading 1% firmer at R13.02 to the dollar at 11:25 on Wednesday.

It was citing unaudited mid-month fuel price data released by the Central Energy Fund.

"In the first half of February, international petroleum prices increased by the equivalent of ten to twelve cents a litre, while the rand firmed by about seven cents against the US dollar," the AA said.

"As a result, the current data suggests a very modest fuel price increase of between three and four cents a litre for vehicle fuels, and a drop of around three cents a litre for illuminating paraffin."

The association said any sudden spike in oil prices or move in the rand could cause a rapid change in the situation.

"Under the circumstances, it would be speculative to pronounce on what the fuel price picture is likely to be at month end," the AA said.

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