Another Petrol Hike Hits the R16 Mark Wednesday 04 July 2018
Besides falling global oil costs, petrol prices in South Africa will increase again in July – as confirmed by the Department of Energy on Sunday.
With the petrol price hitting a record high at midnight on Tuesday, economist Dawie Roodt says things are not looking any better for August.
It is said that Petrol will be increase by 24 cents (93) and 26 cents for (95) octane petrol at midnight. This will take the price over R16 per litre for the first time in South Africa’s history.
“With the current trajectory of the rand and global oil prices, yet another 25 cents increase could be on the cards for August – or even higher, if it gets any worse “, said Dawie Roodt.
“We are now paying more for fuel than ever before in the history of our country and this is going to have a significant impact on the growth of the economy,” Roodt said.
Below is the official petrol price for July 2018, which kicks in at midnight.
This is what’s happening and what’s expected
Fuel June 2018 July 2018
95 Petrol R15.79 R16.02
93 Petrol R15.54 R15.80
0.05% Diesel R14.19 R14.45
With our economy already under pressure, it is more likely that petrol hikes will only add to the financial strain, with ordinary citizens carrying the burden.