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Gear up for another petrol price hike

Feb 15 2013 18:00 Sapa
Petrol

On February 6, the retail price of all grades of petrol increased by 41 cents a litre. (Shutterstock)

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Johannesburg - Consumers may be in for a hard time as the petrol price is expected to rise by up to 80c a litre next month, an economist said on Friday.

Lulu Krugel, economist at KPMG, said the international oil price had been rising and the rand weakening, hence the fuel hike was inevitable.

"If we look at the under-recovery where we are now on 87c for petrol, that means we'll probably see around 87c increase in petrol if things stay the way that they are for the rest of the month," said Krugel.

"Diesel will be around 60 to 65c. It is not looking good at all."

She said last month's fuel increase was also caused by the same factors - an increase in the international oil price and a weak rand.

On February 6, the retail price of all grades of petrol increased by 41c a litre.

Diesel with 0.05% sulphur rose by 17.8c a litre wholesale, and diesel with 0.005% sulphur also by 17.8c a litre.

Another contributing factor, Krugel added, was the political instability in the oil-producing countries, most notably the Syria conflict.

Krugel said the good signs of economic recovery in the next months could further increase the oil price, as global demand picks up.

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