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Weaker rand, price of oil puts brakes on significant fuel price drop

The AA says the effects of the weaker rand on petrol prices would be noticeable towards September.

Picture: Katharyn Williams-Jaftha/EWN.

JOHANNESBURG - The Automobile Association (AA) says the renewed oil price strength and a weaker rand against the dollar have put the brakes on any substantial drops in fuel prices which had been forecast earlier this month.

The stronger rand would have cushioned consumers from increase in the international price oil.

Earlier this month, the AA predicted that the petrol price would drop by up to 69 cents a litre, diesel by 94 cents a litre, and illuminating paraffin by around 92 cents a litre due to a much stronger rand.

But the local currency started losing ground against the dollar last week after the Hawks summoned Finance Minister Pravin Gordhan to their offices over the controversial Sars unit.

The association now expects petrol to fall by around 25 cents a litre, diesel by 54 cents, and illuminating paraffin also by 54 cents.

The AA says the effects of the weaker rand on petrol prices would be noticeable towards the middle and end of next month, if it does not strengthen before then.

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