Huge fuel price hike expected in October

2018-09-26 06:02

THE biggest fuel price hike in South Africa’s history could take place in October, the Automobile Association warned last week.

“A spike in international oil prices and a huge swing in the Rand/US dollar exchange rate have combined to predict a knockout blow at the pumps at the end of September.

“Based on the current data, petrol users will be paying R1.12 more per litre, with illuminating paraffin costing R1.17 more,” the AA said in a statement.

It expects diesel users will be hit hardest, with a possible price hike of R1.38 per litre, pushing diesel to almost R16 per litre.

It will push the price of 93 unleaded octane fuel inland close to R17 a litre, from a January price of R14.20 – a total increase of around 20% year-to-date.

The association said a massive hike in the diesel price will be catastrophic for the agricultural sector, which is already reeling from the prolonged drought.

Extreme fuel price hikes could push marginal businesses, including farms, to financial breaking point.

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