Connect with us

Economy

Fuel prices to increase in August

Published

on

South African fuel prices are expected to rise next week due to rising international oil prices. This is despite the fact that the rand strengthened this month.

The Automobile Association (AA) predicts that petrol prices will rise between 9c and 14c per liter in August, when fuel prices are adjusted next week. The AA also expects diesel to rise by 48c and paraffin by 43c.

The AA said in a statement on Wednesday that the significant rise in oil prices had a particular effect on expected diesel and paraffin prices.

According to the statement, the rand strengthened by about eight cents against the US dollar in July. The average rand / dollar exchange rate is currently R16.90.

“In the midst of the economy now struggling more than ever, the rand’s slight strengthening against the US dollar is welcomed,” the AA said.

The AA says without the strengthening of the rand in July, fuel increases for next month would have been even higher.

Comments

Trending

Copyright © 2020 SA Updates