Petrol price increase at the end of April. The spike in international petroleum prices accounts for nearly the entire rise in fuel prices predicted by the mid-month data.
Sad news for motorists is that the petrol price is set to increase once again. Sharp increases in the price of fuels are set to hit motorists hard at the end of April, according to the Automobile Association (AA).
“Petroleum prices were largely flat in the first week of April, but spiked sharply as tensions escalated in Syria,” the AA said, commenting on unaudited mid-month data released by the Central Energy Fund.
The rand also weakened slightly against the US dollar in the first half of April, the AA said, adding however that the spike in international petroleum prices accounts for nearly the entire rise in fuel prices predicted by the mid-month data.
“On the current data, petrol is set for a rise of 41 cents a litre, diesel 48 cents and illuminating paraffin 38 cents. In all of these increases, the movement in the exchange rate accounts for just four cents of the rise,” the AA added.
The predicted increase in May comes on the back of a 72 cents increase in April, meaning that, if it materialises, fuel prices will have increased by more than one rand in the space of two months – and will push the petrol price up to a new all-time high in South Africa.