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BusinessLive reports that according to the the Automobile Association (AA), sharp fuel price hikes are expected in February, including an 80c/l increase in petrol and 61c for diesel, while Illuminating paraffin is set for a 63c/l increase.
Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA said that unless the picture drastically improved by month-end, SA’s fragile economy was set for a major hit. The AA commented that increases of the magnitude expected would make life harder still for transport companies and the many people whose livelihoods have been crushed by the economic carnage of Covid-19. The association explained as follows: “The problem is international oil prices, which have been consistently climbing with each passing day. A general increase in positive sentiment as Covid-19 vaccines are rolled out has combined with upticks in global economic activity, pushing up demand for oil — and taking prices with it.” Nonetheless, the average exchange rate of the rand against the US dollar has not been a major contributor to the increases throughout the first two weeks of January.
- Read the full original of the report in the above regard at BusinessLive
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