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BusinessLive reports that according to the Automobile Association (AA), the five-month trend of fuel price decreases is set to end in November.
Commenting on unaudited data from the Central Energy Fund (CEF), the AA said that in November it expected the first fuel price increases since May as a result of higher international product prices and a steady softening of the rand against the dollar. According to the CEF’s figures, the price of ULP95 is expected to increase by about 14c/l, while ULP93 is expected to go up by about 3c/l. Diesel is expected to increase by 13c/l to 14c/l, while illuminating paraffin will increase by about 7c/l. The AA added this was a mid-month review of the CEF data and prices were likely to change before the end of the month. The AA commented further as follows: “Lower stable fuel prices play a crucial role in reducing inflation and lowering prices of goods and services. It would greatly benefit our economy if the fuel price decrease trajectory continued for longer but the expected increase, though marginal at this stage, comes at a time when most consumers are still struggling financially and any increase now will add pressure on them”. Officially adjusted fuel prices will come into effect on 6 November.
- Read the full original of the report in the above regard at BusinessLive
- See too, The five-month fuel price reprieve may be over, at Moneyweb
Get other news reports at the SA Labour News home page