Following the holiday season and back to school rush, January is the longest and toughest month of the year. People tightening their belts to make it to payday.
With the end of January in sight, is there a glimmer of hope regarding the petrol prices? Will motorists be able to cut costs and save money during the month of February?
According to the Automobile Association, fuel prices will most likely see marginal changes next month. The AA predicts the price of unleaded 95 Octane petrol will see a decrease of eight cents per litre. However, 93 Octane petrol, diesel and illuminating paraffin can all expect an increase in price in February.
Diesel prices are set to see an increase of 13 cents per litre, while paraffin will increase by 10 cents be litre. As for 93 Octane petrol, the price is set to increase by a meagre one cent per litre.
Recent tensions between the USA and Iran have played a role in fuel prices. The AA explains that international oil prices surged by nearly two dollars per gallon in late December 2019, before it eventually began seeing a recovery. However, this recovery came to a grinding halt due to the tensions between Iran and the USA.
Furthermore, the weakening Rand has also played a role in the fuel prices from decreasing even further. However, the AA concludes the Rand will play a vital role in keeping any more oil hikes at bay.