Hefty petrol price increase for July
The Automobile Association (AA) has warned of yet another steep increase in the price of petrol for July as the rand continues to plummet.
In a statement, the organisation said that consumers can expect to fork out an additional 43c-46c per litre, while diesel and illuminated paraffin will only go up by around six cents per litre.
“If this trend continues and is not offset by reductions in international petroleum prices, fuel prices will begin testing their previous record highs before the end of the year,” the statement read.
“The average rand/dollar exchange rate has weakened considerably since the end of May. The rand has lost about 40 cents against the dollar, and this has contributed almost half of the increase which is forecast for the petrol price”.
This latest increase comes after the Department of Energy raised the price by 47c per litre for June after keeping it unchanged during May.
A short while ago, the national currency was trading at R12.09 against the US Dollar with Brent Crude Oil coming in at $63.54 a barrel.
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