File photo: Danie van der Lith

Cape Town - The Cape Chamber of Commerce and Industry said it was "disappointed, but not surprised" by this week's fuel hike which would push prices to their most expensive level yet.

The price of fuel increases by between R1 and R1.24 per litre on Wednesday, pushing the price up to R16.49 per litre at the coast and R17.08 per litre inland for 95 octane petrol.

Diesel will cost R15.65 to R15.69, while 93 octane will set you back R16.85 per litre on the highveld.

Graphic: Lance Witten/Cape Argus

"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,” Chamber president Janine Myburgh said. 

"This shock increase is now a reality. Coupled with a shrinking economy, this fuel increase is particularly onerous on both business 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," Myburgh said.

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