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Too early to say if oil price crash will lead to fuel price drops - AA

Oil prices suffered a historic collapse late Sunday after Saudi Arabia shocked the market by launching a price war against one time ally, Russia.

FILE: Barrels of crude oil. Picture: Freeimages

CAPE TOWN - It's still too early to assess the impact of an oil price collapse in Saudi Arabia.

That's according to the Automobile Association, which said that the crash in oil prices could have a severe impact on the global economy.

Oil prices suffered a historic collapse late Sunday after Saudi Arabia shocked the market by launching a price war against one-time ally, Russia.

The impact of the declining oil price had largely been on the rand's performance, which had been weak.

The AA's Layton Beard said that it was still far too early to determine whether the price of petrol would drop.

"The impact of these oil decreases is something that we'll need to have a look at over a couple of days, it is just the one price that we've got today and also is quite volatile."

US oil prices dropped by as much as 27% to a four-year low of $30 a barrel.

At the same time, the oil crash also caused Sasol's share price to plummet by 45%.