Wednesday, March 23, 2016

Motorists to brace themselves for a fuel hike price

Simamkele Vakaza
23 March 2016

Motorists should brace themselves for a fuel price hike with economists predicting an increase of between 70 and 80 cents per litre next month, if the rand and oil prices remain at current levels.

It comes after a decrease in the petrol price this month.

Economist Ian Cruickshank says the price of petrol could increase by 41 cents per litre.

A 30 cents per litre hike in the fuel levy will also come into effect in April.

This is going to ripple through all sectors of the economy and slow it down even further. As far as consumers are concerned, food prices are going to have a very big impact.

Efficient Group Chief Economist Dawie Roodt expects the overall increase to be closer to 80 cents a litre.
The combined effect of a higher international oil price and a weaker currency will lead to an expected petrol price increase of around 50 cents a litre or so.

Additionally, the Minister of finance announced he would increase taxes on fuel by approximately 30 cents a litre.



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