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Petrol price shocker

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The pump price for a litre of petrol will increase by 84c/litre from Wednesday, the Department of Energy announced on Friday.Diesel will go up by 78c/litre.This takes the Gauteng retail price per litre to R13.00 and R13.23 for 93 and 95 unleaded respectively. 

Motorists at the coast will now fork out R12.80 and R12.86 for 93 and 95 unleaded respectively.

Economists on Wednesday warned that consumers are in for a tough July with electricity price hikes also due to kick in.

The rand/dollar exchange rate was blamed as the biggest culprit for the rise.

Just before 13:00 on Friday, the rand traded below R10/$ at R9.99.

“July is going to be a tough month for consumers, because municipal electricity increases usually also happen in this month,” said economist Mike Schüssler, who had anticipated a petrol price hike of around 90 c per litre.

“It is clear that with the weak rand, inflation is going to breach 6% or even 6.5% or 7%,” he said.

 

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