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Cape Town - Consumers were dealt another blow on Friday when the department of energy announced a huge spike in the petrol price.
The latest petrol price hike will see motorists paying 39c more for a litre of petrol, taking the price within an earshot of R14/litre.
Diesel will rise by 24 cents or 1.9% to R13.11, while illuminating paraffin will go up by between 12 and 16 cents, the department of energy said on Friday.
The latest blow to consumers will see them fork out R13.96/l and R13.59/l in Gauteng and the coast respectively.
Earlier this week the South African Reserve Bank announced a 50 basis-point hike in interest rates, which placed cash-strapped consumers under further strain.
Economists earlier warned that another petrol price hike will have profoundly negative consequences for deeply indebted consumers.
The ever-increasing petrol and food prices, higher interest rates and, for Gautengers, the additional burden of e-tolls will drive many people who have managed to claw their way out of debt back into poverty, warned Debt Rescue CEO Neil Roets.
The latest increase was mostly due to a sharp drop in the rand/dollar exchange rate. The rand slid to new five-year lows amid an emerging market sell-off as the US Federal Reserve decided to scale back on its massive stimulus programme.
The rand was trading at R11.25/$, R18.52/£ and R15.18/€ shortly before the announcement.
Last month consumers had to bear the brunt of a 39c/l spike in the petrol price.
- Fin24
* How much are you spending on transport costs? Share your views and get published.
The latest petrol price hike will see motorists paying 39c more for a litre of petrol, taking the price within an earshot of R14/litre.
Diesel will rise by 24 cents or 1.9% to R13.11, while illuminating paraffin will go up by between 12 and 16 cents, the department of energy said on Friday.
The latest blow to consumers will see them fork out R13.96/l and R13.59/l in Gauteng and the coast respectively.
Earlier this week the South African Reserve Bank announced a 50 basis-point hike in interest rates, which placed cash-strapped consumers under further strain.
Economists earlier warned that another petrol price hike will have profoundly negative consequences for deeply indebted consumers.
The ever-increasing petrol and food prices, higher interest rates and, for Gautengers, the additional burden of e-tolls will drive many people who have managed to claw their way out of debt back into poverty, warned Debt Rescue CEO Neil Roets.
The latest increase was mostly due to a sharp drop in the rand/dollar exchange rate. The rand slid to new five-year lows amid an emerging market sell-off as the US Federal Reserve decided to scale back on its massive stimulus programme.
The rand was trading at R11.25/$, R18.52/£ and R15.18/€ shortly before the announcement.
Last month consumers had to bear the brunt of a 39c/l spike in the petrol price.
- Fin24
* How much are you spending on transport costs? Share your views and get published.
