In a statement, the association said international oil prices had climbed from 136 US cents per gallon to 148 cents / gallon since September 27, and that the appreciating Rand had been having a substantial impact on South Africans. It said petrol will likely go up 48 cents per litre more, while diesel and paraffin will rise by 64 and 57 cents respectively.
The association also remarked that the decision by the National Prosecuting Authority to charge Finance Minister Pravin Gordhan over the alleged rogue unit within the South African Revenue Service, which caused the Rand to decline further, will put additional pressure on prices towards the end of this month.
"Our hope is that matter will be brought to a swift conclusion to reduce the tensions our markets are currently experiencing, and to bring more stability to our economic outlook," the statement read.
A short while ago, the national currency was trading at R14.29 against the Dollar with Brent Crude Oil at $52.16 a barrel.
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