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The Automobile Association of South Africa says international oil prices have dropped steeply and motorists look set for a fuel price bonanza in the New Year.
The AA was commenting on un-audited mid-December fuel price data released by the Central Energy Fund.
Spokesperson, Marius Luyt says the fuel price drop of more than a rand, predicted by the data, could be among the largest on record...
Petrol is set for a drop of up to 105 to 107 cents per litre, while the decline for diesel is likely to be around 85 cents based on the current data. Illuminating paraffin is showing a potential reduction of approximately 90 cents per litre. The AA said that the likely month-end figure is difficult to predict, as international petroleum prices continue to decline while the Rand follows its weakening trend against the US dollar.
“To date, the weakening exchange rate has been outstripped by the reduction in petroleum prices and if this trend continues, the price motorists pay at the pumps could drop well below R12 per litre by month-end,” the Association said. “We will monitor this trend closely and update motorists as the New year approaches." said Luyt
