"After a bit of a stutter at the beginning of February, the Rand has continued to firm against the US dollar throughout the month," the AA said.
"At the same time, international oil prices have come off their mid-month highs and are now testing their lowest levels yet for 2017."
However, the AA warned that the rise in fuel taxes would see the fuel price picture at the end of March begin with a deficit of 39 cents. This is a combination of an increase of 30 cents to the general fuel levy, and an increase of nine cents to the Road Accident Fund (RAF) levy. The increases come into effect on 1 April.
Rand strength, and a retreat of international petroleum prices, has combined to produce a surprise drop in fuel prices at the end of February. This is according to the Automobile Association (AA), which was commenting on unaudited month-end fuel price data released by the Central Energy Fund (CEF).
"It would take quite a substantial effort from both the Rand and oil prices to offset the tax hikes and prevent higher fuel prices in April," the AA concluded.