Prepare to pay between 70 and 80c/litre more from next month‚ the Institute for Race Relations (IRR) warned on Wednesday.

The think thank said that‚ “if oil prices remain at current levels”‚ motorists could expect a fuel price hike of at least 41c/l‚ which comes on top of the 30c/l raise in the fuel levy announced in finance minister Pravin Gordhan’s budget in February.

The IRR’s prediction is even more dire than that of the Automobile Association‚ which said last week that‚ going on sustained gains in international petroleum prices‚ “the current picture is of a price increase ranging from 31c-35c a litre for petrol”.

The IRR’s chief economist Ian Cruickshanks warned that “such an increase would put further pressure on financially stressed households which were already dealing with the interest rate hike announced by the Monetary Policy Committee of the Reserve Bank this month”.

Cruickshanks said this situation is compounded by “anticipated increases in food prices”.

“Collectively…the stresses being placed on the economy could be read in the lead indicator of the Reserve Bank which has reached its lowest point since November 2009 and wholesale trade numbers which must be expected to continue declining‚” the IRR said.

The composite leading business cycle indicator‚ a forecasting device used by the Reserve Bank‚ has declined yet again – down 4% in January from a year ago‚ after falling 3.8% year on year in December — pointing to dim growth prospects this year.