JOHANNESBURG – The AA said that the economy has taken a breather with Moody’s choosing to give South Africa the benefit of the doubt with a change of outlook, rather than a downgrade.
According to a released statement by the Automobile Association of South Africa (AA), October’s mixed fuel price picture has continued into November, with petrol showing an increase and other fuels dropping.
“The average rand/US dollar exchange rate has been essentially flat, contributing to a small decrease of about 3.5 cents to fuel prices as it maintains a level around R14.90 to the dollar. The picture for oil is similar, with the international prices of both petrol and diesel having run neck-and-neck for several days last week,” the association noted.
The AA said the economy had taken a breather with Moody’s choosing to give South Africa the benefit of the doubt with a change of outlook, rather than a downgrade.
“Petrol price increases at this time of year will come as bad news for many people who will be travelling on holiday in December. However, the predicted drop in the diesel price means input costs, in for instance, the manufacturing and agricultural sectors remains relatively untouched in relation to fuel costs, which is good news,” the AA concluded.