The Automobile Association is warning of substantially higher fuel prices in March.
Commenting on unaudited mid-month fuel price data, the AA said that rising international petroleum prices will lead to a projected petrol price hike of around 73 cents a litre, diesel is projected to increase by 92 cents a litre and illuminating paraffin by 74c a litre.
Spokesperson, Layton Beard, says the pending fuel price hike is just an added blow to consumers who are already embattled in our fragile economy.
"The Rand/US dollar exchange rate has worked slightly in South Africa's favour during February, giving savings of up to nine cents a litre. However, this has been shouldered aside by fuel price rises which have come off their January plateau and advanced considerably," the Association said.
Beard said these price hikes come as toll fees across the country increase tomorrow while additional increases to the General Fuel and Road Accident Fund levies will apply in April.
"An additional tax to the fuel price, the Carbon Tax, will come into force in June when an additional nine cents will be added to the price of petrol and an additional ten cents will be added to the price of diesel," he said.
"In the medium term, we expect world supply will slightly outstrip demand as the USA continues to make impressive progress with its domestic oil production. However, petroleum prices remain vulnerable to geopolitical shocks and we cannot rule out further price hikes in the first half of 2019."
