May oil prices rebounded off their late-April crash while the rand steadied around its new level, leaving a mixed picture for South African fuel users. This is according to the Automobile Association (AA), which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund
The mid-month data predicts an increase of up to 50 cents a litre for petrol, while diesel is heading in the opposite direction, with declines of up to 56 cents, matched by an anticipated 75-cent decline in illuminating paraffin.
“Over the same period, the rand has settled in around the level of R18.40 to the US dollar, almost three rand weaker than just three months ago prior to the advent of the Covid-19 panic and multiple downgrades of our economy by ratings agencies.” “Our concern, of course, is that the financial situation of many South Africans has changed for the worse in the last two months, with massive job losses and talks of across-the-board salary cuts. This could make South Africans sensitive to even small fuel price increases,” the association commented.
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