The price of petrol has been steadily increasing over the last few months as people across the world as the demand for oil rises. August appears to be no different, as yet another price increase has been predicted.
The Central Energy Fund‘s (CEF) mid-month inaudited figures reveal that petrol 93 and 95 will likely increase by 35 cents and 33 cents per litre respectively. Diesel 0.05 and 0.005 show a predicted increase of 68 cents and 67 cents per litre, while illuminating paraffin is expected to increase by 63 cents per litre. These statistics are subject to change.
This increase is less than in previous months, notes the Automobile Association (AA), which is mainly due to the oil demand stabilising worldwide.
“In the past ten days, though, oil has been priced in a narrower band, and we believe this might represent a more stable price plateau as the world oil market continues to rebound from the dramatic price plunges of April,” said the AA.
The AA also note that the rand is slowly stabilisng, which could be a positive sign that the petrol price may soon stabilise too. The AA warns, however, that the petrol price is likely to continue increasing month after month.
“Despite our cautious optimism that stability is creeping back into the market, we still advise motorists to expect further fuel price rises in the short term,” reports the AA.