Commenting on unaudited data released by the Central Energy Fund, the association said the drastic weakening of the Rand against the US Dollar and rising international oil prices, based on current data, points to a 74 cents a litre jump in the price of petrol, 63 cents in diesel and 75 cents for illuminated paraffin.
"We cannot ignore signs that South Africa may face a further round of downgrades by ratings agencies, possibly even before December. 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," the AA said.
At the closing of business on Thursday, the national currency was trading at R14.23 to the Dollar with Brent Crude Oil at $61.84 a barrel.
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