Petrol prices in South Africa are set to rise by around 45 cents a litre in November‚ following the Rand incurring heavy losses at mid-month in the wake of the National Prosecuting Authority’s decision to charge Finance Minister Pravin Gordhan with fraud.
This is despite a recent strengthening of the Rand against the US dollar‚ which “has not been enough to prevent a hefty fuel price hike for November”‚ the Automobile Association (AA) said on Friday‚ commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF).
“The deficit has not been made up‚ even though the Rand has been slightly stronger in the last ten days. In the time being‚ international petroleum prices‚ which had been steadily rising in the first two weeks of October‚ have flattened out somewhat‚ which is encouraging.”
“Despite the improved stability of both oil and Rand‚ consumers will still be in for strain at the pumps. Petrol is set to rise by around 45 cents a litre‚ diesel by 64 cents and illuminating paraffin by 57 cents.”
The AA urged “organs of government to exercise the utmost caution in dealing with economically sensitive issues which can severely impact on working-class citizens”.