Fuel prices are set for a significant spike when the price for February is adjusted next week, the Automobile Association (AA) predicted on Friday.
It was commenting on unaudited month-end fuel price data released by the Central Energy Fund. The AA expects the price of petrol to rise by up to 82 cents a litre, diesel by 59 cents a litre and illuminating paraffin by 60 cents. This is because of, among other factors, rand weakness.
"Unfortunately our mid-month concerns over the advancing oil price have been borne out in practice. There has been a slow, but steady, rise in the price of oil which is likely to cause ongoing pain at the pumps," said the AA.
"Almost all of the fuel price increases reflected by this month's data are attributable to the stronger oil price, and the average rand/US$ exchange rate has remained generally flat for the month, despite some large daily swings."