Massive petrol increase to hit SA

2013-08-29 15:21

The petrol price is expected to increase by only a few cents next month, but October will likely see a massive hike, economist Mike Schüssler has warned.

According to the SABC, Schüssler said it is difficult to predict what will happen with the oil price, but the situation looks bleak at the moment.

“I think in all likelihood we are going to see a very big increase in the price of fuel come October, probably 40c to 50c (per litre),” the broadcaster quoted him as saying.

Schüssler said that the current wave of strikes does not bode well for the rand.

The rand hit a four-year low of R10.50 to the US dollar this week, amid talks of military intervention by Western powers in Syria.

Lumkile Mondi, the chief economist at the Industrial Development Corporation, told financial daily Business Day that the working class will bear the brunt of higher fuel prices.

He said workers will demand higher wage increases as they try to keep themselves above the poverty line.

All grades of fuel increased by 32c per litre in August, while diesel increased by 33c and paraffin by 25c.

In July, motorists had to fork out an extra 84c/litre for petrol and 78c/litre for diesel.

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