CAPE TOWN - The Cape Chamber of Commerce and Industry on Monday said it was disappointed, but not surprised with the expected increase in fuel prices, which will be reaching its most expensive level yet on Wednesday.

Chamber president Janine Myburgh said: "Unfortunately this is to be expected with the weakened rand and the crude oil increase – a situation that we predicted early September that might result in a shock increase."

Myburgh said this shocking increase has now finally become a reality, coupled with a shrinking economy which now makes this increase particularly heavy on both businesses and domestic users.

"Much of the damage has unfortunately been self-inflicted with widespread corruption, mismanagement of our State Owned Enterprises and the looming expropriation issue not engendering any confidence in investors. South Africa has so much potential, yet we seem to be pushing down on the accelerator, hoping to go faster, yet pushing as hard as we can on the brakes at the same time. The result is that we are going nowhere - fast," said Myburgh.

- African News Agency (ANA)