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Petrol going up, diesel coming down

If you’re a diesel driver you’re in luck this coming month as the price is predicted to drop, but if your car takes petrol you can expect to pay more this August.

According to the AutoMobile Associations’s latest forecasts, petrol is expected to experience a 12-cents-per-litre increase after July while the cost of diesel is expected to dip by 16 cents.

Illuminating paraffin will also see a drop in price and is forecast to go down in overall price by eight cents per litre.

The anticipated petrol increase comes as international oil prices continue on the steady upward trend that began in June, with only a slight reduction in prices in July. Since the start of July, diesel prices have been on the rise while petrol prices remained unchanged, although the Rand has remained volatile.

The volatility of oil is also likely to continue with a number of competing factors coming into play. Medium-term oil price forecasts remain uncertain.

The Rand to US Dollar exchanged rate crossed R14.20 last week despite the Rand experiencing a period of strength against the US currency in July.

Anything which affects the price of oil or weakens the Rand could cause a sharp increase in fuel prices in future and South Africans are encouraged to be prepared.

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