Expected petrol price for March 2017
The Automobile Association (AA) says that unaudited mid-month fuel price data points to modest fuel hike in March.
The Automobile Association (AA) says that unaudited mid-month fuel price data, by the Central Energy Fund (CEF), points to modest fuel hike in March.
The AA described the current fuel price outlook for March as a mixed bag, noting a ‘standoff’ between rising international petroleum prices and a stronger rand against the US dollar.
“In the first half of February, international petroleum prices increased by the equivalent of ten to twelve cents a litre, while the rand firmed by about seven cents against the US dollar,” the AA said.
“As a result, the current data suggests a very modest fuel price increase of between three and four cents a litre for vehicle fuels, and a drop of around three cents a litre for illuminating paraffin.”
In mid-day trade on Wednesday, the rand traded at R13.05, its best level since mid 2015, following better local economic indicators including jobs data and the Consumer Price Index (CPI).
The association said that any sudden spike in oil prices or move in the rand could change the situation suddenly.
“Under the circumstances, it would be speculative to pronounce on what the fuel price picture is likely to be at month end,” the AA said.
A respite in fuel hikes would be a welcome relief for motorists who have endured a torrid 2017 so far.
This is how the price could reflect at the pumps (wholesale for Diesel):
Fuel February official March expected
95 Petrol R13.62 R13.65
0.05% Diesel (wholesale) R11.63 R11.66
