At mid-month, the AA is forecasting a slight decline of about 1c a litre for petrol, while diesel is set for a 20c a litre increase and illuminating paraffin indicating a rise of 25c.Some up, some down – that’s the picture for the month-end fuel price adjustment, according to the Automobile Association , which was commenting on unaudited mid-month fuel price data released by the Central Energy Fund.
“After several weeks of stability, international oil prices have started to climb again, with a slight peak in the first week of May before a modest pull back. Although there is still a rebalancing of global supply and demand taking place in oil markets, the current variations are starting to more closely resemble the picture we saw before the Covid-19 pandemic.
“Nothing should be taken for granted until the global vaccination drive has surpassed the threshold needed for herd immunity,” said the AA.“Although the daily exchange rate has been wildly variable, the average rate has seen the local currency gain around 20c against the US dollar since the start of May. This means a nett gain of around 11c against the dollar,” said the AA.
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