There’S a shock in store for motorists this week, with Wednesday’s 32c-a-litre fuel price hike sending the price of petrol to record highs.
The Energy Department said on Friday that the price of unleaded 95 petrol will increase to record highs of R13.18 a litre at the coast, and about R13.55 in Gauteng.
The previous record high for petrol was in April, when the price reached R13.20 in Gauteng. The wholesale price of diesel will rise by 32.98c a litre on Wednesday, and the wholesale price of illuminating paraffin goes up by 25c a litre.
The increase was attributed to the crude oil hike from $102 (R1 000)a barrel to about $108 a barrel.
Other contributing factors include unrest in Egypt, instability in Sudan and Libya, and turmoil in Syria, which led to a collapse in oil production.
Efficient Group chief economist Dawie Roodt said the price of petrol was just a single item on a list of concerns for South Africans.
“It’s really getting tough. The price of electricity is up, food is up as well, and there is an increase in unemployment. There is nothing we can do about the international oil price, and should instead put emphasis on growing the economy faster by creating more jobs and expanding the size of the economy,” he suggested. - Independent on Saturday