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October 22, 2019

Fuel picture mixed as oil, Rand take a breather – AA

Fuel prices are showing a mixed picture for November, with some prices predicted to climb and others falling. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.

In an indication of how flat the month has been to date, the AA notes that different fuels are heading in different directions. 93 octane petrol is showing a five-cent drop, while 95 octane petrol is set to rise by ten cents. Diesel is forecast to climb by two cents while illuminating paraffin looks set for a two cents decrease.

“The Rand, which lost considerable ground against the US dollar in the second half of September, has stabilised around the R15.20 mark and has generally offset slight rises in international oil prices. In its turn, oil has retreated from the price spike arising from last month’s Saudi oil refinery attacks, giving a more stable picture for the motorist,” says the AA.

The Association notes that, at first glance, the oil price seems to be finding its way back to normal, and the Rand, as ever, is a bellwether of the current mix of poor economic conditions and reticence by investors.

“The Rand has trended stronger against the dollar over the past few days, so it’s possible the picture could improve by month end,” concludes the AA.