The Automobile Association says South Africa’s petrol price is set to fall at the start of December 2020, though adds the price of diesel will rise.
Commenting on unaudited month-end fuel price data released by the Central Energy Fund, the AA said petrol was slated to fall “by around 27 cents a litre”, while diesel’s price increase was set to be “contained to around 13 cents a litre”. The cost of illuminating paraffin, meanwhile, looked in line for a 22 cents-a-litre rise.
"International product prices of refined fuels spiked just before mid-month, but then pulled back. Petrol clawed back its losses to end in positive territory, while diesel swung further into negative territory," the AA said.
The Association added the rand had “put in an impressive performance” against the US dollar in November, with the average exchange rate dipping into the R15,70 range in the final week of the month.
Apart from noting the firming average exchange rate, the AA pointed out the daily rand/dollar exchange rate, which fell as low as R15,15 to the dollar in the last week of November, was at its “strongest level since February this year”.
"The fly in the ointment is that the international price of refined fuels has trended upward over the last ten days, so here's hoping it doesn't spoil the party. It has been a long time since a stronger rand was able to come to the rescue of South African fuel users, and if the current trend continues, the country seems set for improved fuel price stability as we enter 2021," the AA said.