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Brace for another petrol hike

Sep 17 2012 14:35

Cape Town - According to the latest statistics from the Central Energy Fund, consumers could be in for another shock with the petrol price rising again by 37 cents a litre, bringing it to just over R12/litre, TimesLive reported on Monday.

The price of 95 grade petrol will jump to R12.43/l in Gauteng, and R11.99/l at the coast.

The increase could also see diesel going up by 49c a litre to R11.44/l.

The reason for the hike is the weak rand and international crude oil prices.

Cash-strapped consumers were already hit by an 93c a litre hike only two weeks ago.

The increase not only affects commuters, but also impacts retailers and service providers who pass higher costs back to consumers.

Food inflation was 5.3% in July year-on-year, but a clearer picture will emerge when Statistics SA publishes its consumer price index for August because it will take account that month's fuel price increases, the report said.

Higher inflation makes it unlikely that the Reserve Bank's monetary policy committee will cut interest rates when it meets this week.

The energy department justified last month's hike on the need for service station operators to finance wage increases for service station pump attendants and cashiers agreed upon at the Motor Industry Bargaining Council in September 2010.

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petrol price  |  rand  |  oil


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