South Africa's exchange rate might be more stable at the moment, but this is not going to offset rising international petroleum prices, according to the Automobile Association.

The AA's analysis of mid-month fuel price data supplied by the Central Energy Fund shows that another substantial fuel price hike could be on the cards at the beginning of March.

“The average exchange rate eased to around R11.10 to the US dollar in the first half of February,” the AA said. “Unfortunately, international petroleum prices went in the other direction and South Africa's motorists will be forking out substantially more for fuel at the beginning of March unless the underlying fundamentals improve.”

The current data shows an under-recovery of between 30 and 33 cents per litre for petrol, while the diesel under-recovery is hovering around 26 cents per litre.

“These are the fuel price increases South Africans are facing unless there is a turnaround in the next two weeks,” the AA concluded.