FUEL PRICE TO HIT RECORD HIGH

MOTORISTS are in for yet another blow as the petrol price increased by R1 at midnight.

The 95 grade of petrol will now cost a record high of R17.08 in the inland and R16.49 at the coast, while the wholesale diesel price will rise by R1.24 to R15.64 and R15.16 in Gauteng and at the coast, respectively.

The Department of Energy said the increase to the weakening rand exchange rate, the increased prices of crude oil and the import prices of petroleum have all added to the high increases.

Responding to the increases, the Automobile Association said the impact inflicted on the economy by such increases may put pressure on President Cyril Ramaphosa’s recently-announced stimulus package.

“These increases are catastrophic for road users,” the AA said.

“They are the biggest in South African history. The major culprit is South Africa’s chaotic economic policy, which has left us defenceless against upticks in international oil prices.

“Excluding months where fuel taxes were hiked, this will be the largest single fuel price increase South Africa has ever experienced.”

Cape Chamber of Commerce president Janine Myburgh said: “Unfortunately this is to be expected with the weakened rand and the crude oil increase.”

“Coupled with a shrinking economy, this fuel increase is particularly onerous on both business and domestic users. Much of the damage has been self-inflicted with widespread corruption, mismanagement of our State Owned Enterprises and the looming expropriation issue not engendering any confidence in investors,” she said. |