Durban - There will be little to cheer about this December for motorists as yet another fuel price increase has been predicted.
Economist, Dawie Roodt said with the plummeting rand and increasing crude oil prices, South Africans can expect to pay at least 70 cents per litre for petrol and 60 cents per litre for diesel in December.
“The political and economic instability in South Africa is going to keep our currency volatile. I believe that further increases in the crude oil price are likely with a further decline in the value of our currency virtually inevitable,” Roodt said.
Neil Roets, CEO of Debt Rescue said the fuel price increase came at a time when consumers could not afford it.
“More than half of all South Africans are three months or more behind in their debt repayments, collectively owing some R1,71-trillion in debt (latest National Credit Regulator stats),” said Roets.
“Consumers should brace themselves for hard times ahead and face the fact that all of us are now going to be collectively punished for our government’s inability to grow the economy and create prosperity for all South Africa’s people,” continued Roets.
He said the increase in the diesel price was bad because all consumer goods were transported by road and would result in higher prices across the board.
“We have reached the point where consumers simply have to face the fact that they cannot maintain their lifestyles as they did in the past. It has now become a matter of survival.