The Automobile Association of South Africa says globally destructive economic instability has pushed fuel prices into drastic retreat, leading to some very rare good news for South African motorists.
Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA said South Africa is probably set for the second month of record fuel price drops for some fuel types.
It noted, however, that this has come at a time when motorists and businesses are severely limited as to how they can use their vehicles.
The mid-month data showed petrol down by a massive R1.89 a litre, diesel by R1.17 and paraffin dropping by R1.88.
The AA added that the spat between Russia and Saudi Arabia has ended with an agreement which is expected to see global oil production reduced by nearly ten million barrels a day in a bid to support oil prices, but that it may be a case of too little, too late.
The Association says that even the Rand's vast crash against the US dollar since March has not been enough to offset the steep decline in oil prices.
