Following five consecutive months of declining fuel prices, the trend is expected to reverse in November, according to the Automobile Association (AA).
Citing unaudited data from the Central Energy Fund (CEF), the AA predicts the first fuel price hike since May, driven by rising international oil prices and the weakening of the rand against the US dollar.
The CEF's figures suggest that ULP95 petrol could increase by around 14 cents per litre, while ULP93 petrol is projected to rise by approximately three cents per litre.
Diesel prices are forecasted to climb by between 13 and 14 cents per litre, with illuminating paraffin seeing an increase of around seven cents per litre.
"Lower stable fuel prices play a crucial role in the decrease of inflation, and in lowering of the prices of goods and services.
"It would greatly benefit our economy if the fuel price decrease trajectory continued for longer but the expectant increase, though marginal at this stage, comes at a time when most consumers and motorists are still struggling financially and any increase now will add pressure on them," the AA remarked.
The AA attributes the anticipated price hike to a significant rise in international oil prices that began in early October, as well as the ongoing weakening of the rand against the US dollar - two key factors in determining local fuel prices.
"Due to the tensions which are ramping up in the Middle East, the local currency could be under significant pressure going into the last two weeks of October and this could have a more significant impact on local fuel prices in November. At this stage it is important to keep an eye on that indicator as we head into the new month," the AA said.
Officially, fuel prices will be adjusted on Wednesday, 6 November.
The Department of Mineral Resources and Energy (DMRE) is expected to make the formal announcement regarding the November fuel price adjustment by Monday, 4 November.
While the current data provides a mid-month estimate, the AA cautions that prices may shift before the final adjustment, but a price increase is still expected in November.
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