Apart from VAT going up to 15%, fuel levies will rise by 52 cents per litre from 1 April.
Motorists can expect some relief in their pockets as the price of petrol is expected to decrease in February, Fourways Review reports.
Commenting on mid-month fuel price data released by the Central Energy Fund, the Automotive Association of South Africa (AA) announced on 15 January that petrol would decrease by 41 cents, with diesel decreasing by 23 cents and paraffin by 26 cents.
READ MORE: Second petrol price drop for January
This reduction in fuel prices is due to the rand strengthening in recent weeks.
“The rand/US dollar exchange rate has had one of its flattest periods of trading in recent times. It has traded in a very narrow band between R12.30 and R12.40 to the US currency since the last week of December, bringing some welcome stability,” the association said.
According to the AA, the stability in fuel prices for the year will depend largely on political and economic factors which affected the country’s attractiveness as an investment destination.
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