Publications
Partners
Cape Town - The petrol price increase will see motorists paying the highest at the pumps ever and it comes at a particularly bad time for consumers, experts have warned.
Motorists will have to fork out an extra 36 cents a litre (c/l) for all grades of petrol, while diesel will go up by 27 and 28c/l, the department of energy announced on Friday.
The latest blow to consumers will see them cough up R14.32/l and R13.95/l for 95-octane in Gauteng and the coast respectively.
But there is further bad news for motorists because Finance Minister Pravin Gordhan in his National Budget speech also announced a fuel levy hike.
The 12c/l fuel levy increase and the additional 8c levy towards the road accident fund pushed the total tax on petrol to nearly R3.33 per litre.
The South African National Consumer Union (Sancu) warned that the price rise will be tough for consumers.
"This comes at a particularly bad time, when many consumers are already struggling to make ends meet," Sancu deputy chairperson Clif Johnston told Fin24.
Johnston said Gauteng motorists are already reeling under the huge impact of e-tolling on their monthly budgets.
"While a 50 litre tank full of petrol will cost another R18 after the latest increase, the monthly cost of e-tolls can be as much as 25 times that amount per vehicle."
He said the price hike will almost immediately have an impact on motorists, but will also filter through to the rest of the economy very quickly.
"The price hike will firstly affect fast-moving goods like food, which relies heavily on road transport, but it eventually works its way through to almost all prices."
Debt Rescue CEO Neil Roets told Fin24 the petrol price increase added to the recent interest rate hike and e-toll implementation is making life difficult for consumers.
"The petrol price hike will also filter through to the costs of goods and services."
He said it will have a devastating effect on consumers, especially those who find themselves in the middle- and lower income groups.
Roets suggested that people budget for further increases and also form carpools and make use of public transport where possible.
He also advised those struggling to make ends meet to seek the help of a debt counsellor.
- Fin24
Motorists will have to fork out an extra 36 cents a litre (c/l) for all grades of petrol, while diesel will go up by 27 and 28c/l, the department of energy announced on Friday.
The latest blow to consumers will see them cough up R14.32/l and R13.95/l for 95-octane in Gauteng and the coast respectively.
But there is further bad news for motorists because Finance Minister Pravin Gordhan in his National Budget speech also announced a fuel levy hike.
The 12c/l fuel levy increase and the additional 8c levy towards the road accident fund pushed the total tax on petrol to nearly R3.33 per litre.
The South African National Consumer Union (Sancu) warned that the price rise will be tough for consumers.
"This comes at a particularly bad time, when many consumers are already struggling to make ends meet," Sancu deputy chairperson Clif Johnston told Fin24.
Johnston said Gauteng motorists are already reeling under the huge impact of e-tolling on their monthly budgets.
"While a 50 litre tank full of petrol will cost another R18 after the latest increase, the monthly cost of e-tolls can be as much as 25 times that amount per vehicle."
He said the price hike will almost immediately have an impact on motorists, but will also filter through to the rest of the economy very quickly.
"The price hike will firstly affect fast-moving goods like food, which relies heavily on road transport, but it eventually works its way through to almost all prices."
Debt Rescue CEO Neil Roets told Fin24 the petrol price increase added to the recent interest rate hike and e-toll implementation is making life difficult for consumers.
"The petrol price hike will also filter through to the costs of goods and services."
He said it will have a devastating effect on consumers, especially those who find themselves in the middle- and lower income groups.
Roets suggested that people budget for further increases and also form carpools and make use of public transport where possible.
He also advised those struggling to make ends meet to seek the help of a debt counsellor.
- Fin24
