• Inside Labour

    Away with empty rhetoric and slogans - labour needs to focus on real issues, says Terry Bell.

  • Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

Loading...
See More

Massive petrol increase to hit SA

Aug 29 2013 14:47

(Shutterstock)

Related Articles

Petrol price breather for motorists?

Next week critical for SA petrol price

Expect more petrol price hikes - report

Petrol hike pushes up taxi fares - report

Another petrol price hike looming

Strike wave may hit petrol stations

 
Cape Town - The petrol price is expected to increase by only a few cents next month but October will likely see a massive hike, warned economist Mike Schüssler, according to the SABC.

He said it is difficult to predict what will happen with the oil price, but the situation looks bleak at the moment.

"I think in all likelihood we are going to see a very big increase in the price of fuel come October, probably 40 to 50 cents,” the broadcaster quoted him as saying.

Schüssler said that the current wave of strikes does not bode well for the rand.

The rand hit a four-year low of R10.50/$ this week amid talks of military intervention by Western powers in Syria.

Lumkile Mondi, chief economist at the Industrial Development Corporation, told BusinessDay that the working class will bear the brunt of higher fuel prices.

He said workers will demand higher wage increases as they try to keep themselves above the poverty line.

All grades of fuel increased by 32 cents per litre in August, while diesel increased by 33c and paraffin by 25c.

In July motorists had to fork out an extra 84c/litre for petrol and 78c/litre for diesel.



Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

mike schüssler  |  lumkile mondi  |  petrol

NEXT ON FIN24X

 

Latest Articles

8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
15 Investment Tips for 2015 Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
266 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...