More good news for motorists at fuel pumps
There could be more good news for consumers as they head into cash-strapped January.
Unaudited mid-month fuel price data from Central Energy Fund (CEF) show that motorists could be set for more fuel price relief in January.
"Substantial further fuel price reductions are on the cards for January, but the exchange rate could spoil the party," says Automobile Association spokesperson Layton Beard.
Petrol is set for a R1.19/l decrease, while diesel is predicted to drop by R1.44/l and illuminating paraffin may be R1.32/l less.
However, the AA says the exchange rate may affect the predicted price of petrol.
"The South African fuel price has yet to fully catch up with considerably lower international petroleum prices, which have stayed at the plateau they reached at the beginning of December.
"However, a sharp depreciation of the Rand versus the US dollar has been noticeable since December 4, and we will be monitoring this trend closely for the remainder of the month,” Beard says.
The rand, which tanked to R13.70 to the US dollar in the first week of December, took a worse turn when it hit R14.50 by 11 December, before making a slight recovery.
"This hefty swing could offset oil price gains quite markedly if it continues," adds Beard.