Rand Weakens so Petrol Will Go Up
As foreign investors run scared from talks of land expropriation and political pressure from the US combined with the local economic recession, the Rand to Dollar exchange rate has seen the Rand drop dramatically in value in the past few weeks.
Since Petrol is priced in Dollars this means it is going to take more Rand to buy oil/Petrol and this, in turn, means that the price of fuel will go up, possibly as soon as October.
Experts are predicting that the weaker Rand, probable ‘Junk ‘status coming from Moodys and increased cost of crude oil is going to see local fuel prices go up by R1.20. This could then mean that petrol will break the R17/litre barrier.