Motorists will be hit with yet another fuel price hike in May. Here's what to expect...
Johannesburg - South African motorists will be dealt yet another petrol price blow on Wednesday, May 1, with the price expected to rise by over 50 cents a litre, while current trends point to another possible increase in June thanks to a weak rand and surging international oil prices.
This is the picture painted by late-month unaudited fuel price data released by the Central Energy Fund, which also points to a petrol price hike of around 53 to 54 cents a litre in May. The final prices are expected to be announced this Friday. May’s fuel prices will be the second highest on record, coming close to the prices last seen in October and November 2018, when a litre of 95 cost R17.08.While rand strength did help absorb some of the fuel price pressure earlier in April, the local currency has in the last week lost significant ground to the US dollar, depreciating from the R13.92 mark on April 15 to R14.21 on the 24th of the month.
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