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The petrol price reached a record high this month and things are about to get worse.
Motorists can expect further hefty price hikes when the monthly fuel price adjustment takes place on Aug. 4, with the Automobile Association (AA) expecting petrol to go up 83c/l, diesel by 48c and illuminating paraffin by 48c.
Commenting on unaudited month-end fuel price data released by the Central Energy Fund , the AA said the average rand/US dollar exchange rate consistently trended upward during July and the weaker local currency will make it more expensive for SA to import fuel.
Over the same period, international oil prices averaged higher, despite a mid-month pullback.
The association says the new increases will mean the price of petrol will have climbed nearly 23% since January, the diesel price about 20% and illuminating paraffin about 30%.
The inland price of unleaded 95 petrol cost R14.86/l in January compared to the expected new price of about R18.22 in August. In January a litre of diesel cost R13.00 compared to the expected price of R15.56/l , while illuminating paraffin is expected to rise to about R9.61 compared with R7.39 in January.
“These increases will add to the heavy financial burden for South Africans already battered by weak economic conditions,” the AA says.
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Published by Arena Holdings and distributed with the Financial Mail on the last Thursday of every month except December and January.