The mid-month fuel price data released by the Central Energy Fund (CEF) predicts a sharp rise in fuel prices at the end of November.
“Motorists cannot expect much respite from a weakening domestic picture,” the Automobile Association mentions.
Not only is the Rand testing one-year lows against the US dollar but there have also been sharp increases in international oil prices."
Although petrol is set to rise by 74-cents per litre and diesel 63 cents, the Association emphasizes that the picture may worsen before the end of the month.
"We cannot ignore signs that South Africa may face a further round of downgrades by ratings agencies, possibly even before December,” the AA comments.
"Concerns over government's fiscal discipline are likely to continue weighing heavily on the Rand, and if these factors combine with continued oil strength, South Africans will face heavy fuel price hikes for the remainder of 2017 and into early 2018."