File photo: Boxer Ngwenya.
(Credit: Independent Media)
“International fuel prices have climbed by over 20 percent since the last week of January,” the AA said in a statement.
“A spike in the Rand/US Dollar exchange rate has also put pressure on the fuel price, with current data predicting a March price increase for petrol of around 68 cents a litre, with diesel and illuminating paraffin up by approximately 45 and 48 cents a litre respectively.”
In the first week of February, the price of all grades of petrol dropped by 93 cents a litre.
In early January the price of 93 and 95 octane petrol decreased by R1.27 and R1.23 a litre.
Unless there were substantial improvements in both the exchange rate and international petroleum prices, motorists could be faced with a fuel price hike at the end of the month.
“It's too early to tell whether the uptick in fuel prices is mere volatility or a sign that the bottom of the cycle has been reached,” the AA said.
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