Fuel prices will hit record highs in May. This is according to the Automobile Association (AA) which was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF).
“A substantial weakening of the Rand against the US dollar has combined with sharp increases in international oil prices to produce a new record-high fuel price of over R15 Rand a litre for fuel,” the AA says.
92cents petrol hike
The previous highest price for fuel was in December last year when petrol cost R14.76 a litre.
“The outlook at mid-month, of around a 50 cents-a-litre increase, appeared manageable, but the sharp deterioration in the position of the Rand over the past week has been almost without precedent,” the Association comments.
Petrol is set to increase by 92 cents a litre, diesel by R1.07 and illuminating paraffin by R1.06.