Strong oil prices and a weakening rand mean a “massive fuel price hike” is coming, said the Automobile Association (AA).
The AA made the prediction for April 2019 based on unaudited month-end fuel price data released by the Central Energy Fund.
“These increases will be compounded by rises in fuel taxes which come into effect in April. There will be an additional increase of 15 cents for the fuel levy and 5 cents for the RAF levy,” said the AA.
The following price hikes are expected:
- Petrol – R1.28 increase per litre
- Diesel – R0.77 increase per litre.
“The currency’s slide might reflect an accelerating loss of appetite for foreign direct investment in South Africa. We urgently call on government to take concrete steps to address the economic weaknesses which are affecting the country’s attractiveness to foreign capital,” added the AA.