Increase in fuel price concerning - Absa

Johannesburg - The proposed 80.5c/litre increase in the fuel price levies from April 1, combined with the expected 90c/litre price increase in March, is concerning, Absa said on Wednesday.

"The lowering fuel price that consumers have been enjoying over the past few weeks will soon be largely negated," said Absa wealth and investments marketer and analyst Chris Gilmour in a statement.

"Consumers will see an overall fuel increase of 80.5c by 1 April, combined with an anticipated increase of around 90c per litre in March due to under-recovery of the fuel price."

Earlier on Wednesday, presenting his first main budget as finance minister in the National Assembly, Nhlanhla Nene announced the general fuel levy would increase by 30.5c/litre and the Road Accident Fund levy by 50c/litre, effective from April 1.