The price of petrol is expected to drop 24c per litre, diesel by 20c and illuminating paraffin by 21c at the end of May, according to the Automobile Association (AA). Commenting on unaudited mid-month fuel price data released by the Central Energy Fund, the AA said on Monday that consumers might benefit from May’s relatively strong rand and softening oil prices. However, these estimates were subject to change as SA still looks to the effects of possible further sovereign ratings downgrades. "Internationally (Opec) seems set to stay the course with its production cuts, and on the local front, ratings agency Moody’s is likely to make an announcement on its view of South African sovereign debt, which is anticipated to be negative," the AA said in a statement. "These factors could work against the gains in the fuel price seen in the first fortnight of May".
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