Johannesburg - South Africans have been warned to brace for an even bigger fuel price hike than had been initially predicted.
According to unaudited month-end fuel price data released by the Central Energy Fund, the price of petrol is expected to rise by up to 83 cents a litre from Wednesday, June 6, while diesel drivers will have to find an extra 86 cents for every litre.
Adding insult to injury for poorer households is that the price of illuminating paraffin is set to rise by 82 cents a litre just as winter sets in.
The increases will push fuel prices to record highs, with all grades of petrol surpassing the R15 mark. In fact, Gauteng motorists will pay around R15.80 for a litre of 95 Unleaded and R15.55 for 93 Unleaded, while those at the coast can expect to part with R15.21 for a litre of 95.
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Higher international oil prices account for about two thirds of the price hike, says the Automobile Association.
However, these prices have eased in the past week and the AA believes there is a possibility that we’ll see lower oil costs in the medium term thanks to OPEC countries discussing a production increase.
Yet for this to translate into lower pump prices in South Africa, our infamously erratic rand would need to remain stable.
The June price hikes will follow the already crippling rises of May and April, which saw cumulative increases of R1.18 for 93 Unleaded petrol and R1.23 for diesel.