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Petrol price increase on the cards

The Automobile Association has warned the price could rise by up to 68 cents per litre.

FILE: The cost of diesel and petrol having gone down considerably in recent months. Picture: Michelle Lubbe/EWN.

JOHANNESBURG - The petrol price could go up sharply next month.

The Automobile Association has warned the price could rise by up to 68 cents per litre.

It's been a good few months on the fuel price front with the cost of diesel and petrol having gone down considerably in recent months.

Economist Dawie Roodt expects an even higher petrol price hike.

"I expect a petrol price increase in the region of around 70 cents per litre or so. That's probably not going to be the last increase. I'm pretty sure the Minister of Finance will increase the fuel levy again in his budget speech next week. And I will not be surprised if that increase can be as much as R1 per litre more.

An increase in international oil prices and fluctuations in the rand/dollar exchange rate could push up the cost of petrol and diesel domestically.

At the end of last month, economists warned consumers to continue being cautious as the tide may soon turn.

Economist Chris Hart said, "Oil prices will probably go up again soon which will build up some resilience for high prices later."

The decrease was attributed to lower international crude prices. Petrol prices dropped a record of R1,27 per litre in January.

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