JOHANNESBURG, South Africa – Bullish international oil prices set the stage for another increase in fuel prices according to the Automobile Association which was commenting on unaudited mid-month fuel-price data released by the Central Energy Fund.
The AA said the picture showed month-end increases of up toR0.56/litre for petrol, R0.47 for diesel, and R0.41 for paraffin. The media release reported: “Oil prices advanced at a leisurely pace during January but the increase has quickened. International product prices shot up by around eight percent in the first two weeks of February.”
WATCH THE TRAJECTORY…
On the plus side, the Rand/US dollar exchange rate has worked in South Africa’s favour, with the rand strengthening around R0.08 against the US dollar in February – still insufficient to offset the oil price.”
The AA added: “If oil continues on this trajectory SA’s fuel prices might edge back into record territory.”