AA: Motorists in for tough time in August
Motorists have been warned to brace for another big jump in fuel prices in August.
The Automobile Association (AA) expects all fuel types will be more expensive when the Department of Mineral Resources and Energy adjusts prices next month.
AA spokesperson Layton Beard says the higher international oil prices are likely a contributing factor to the expected fuel price increase.
"The average Rand/US dollar exchange rate consistently trended upward during July and the weaker local currency will make it more expensive for South Africa to import fuel,” Beard says, commenting on the unaudited month-end fuel price data released by the Central Energy Fund.
"As a result, the price increase will be quite hefty. We're expecting around 83 cents a litre higher for petrol, 48 cents a litre for diesel, and also 48 cents for illuminating paraffin.”
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The association says that these new increases will mean the price of petrol will have climbed nearly 23% in just seven months since January, while the price of diesel will have climbed around 20%.
The price of illuminating paraffin will have increased by around 30% over the same period.
“These increases will add to the heavy financial burden for South Africans already battered by weak economic conditions,” Beard further warns.
Listen to Beard below:
