AA projects fall in fuel prices for February as global oil price declines
The Automobile Association (AA) has said that global declines in the price of oil since the second week of 2019 will likely give South African motorists a breather for February.
The AA was commenting on unaudited month-end fuel price data released by the Central Energy Fund.
According to its projections,
- 95 Octane petrol will drop by around 13 cents a litre;
- 93 Octane petrol will drop by 4 cents a litre;
- Both grades of diesel will drop by 4 cents a litre; and
- illuminating paraffin will decrease by 3 cents.
"Rising tensions between the USA and Iran in the opening days of 2020 sparked a sharp increase in international oil prices, but the commodity has rebounded quickly. In fact, the oil price has returned to a level we might have expected had the US-Iran flare-up not taken place at all," the AA said.
"We're pleased fuel prices have managed to tread water at the start of a year, a year which is likely to again be extremely economically challenging," the AA said.
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