Fuel prices are likely to go through the roof next month as a result of higher crude oil prices and a dismally weak rand. Picture: Gallo Images
Fuel prices are likely to go through the roof next month as a result of higher crude oil prices and a dismally weak rand.
Economists are expecting the petrol price to rise by more than 80c a litre and that’s in the wake of its 41c a litre increase this month.
And if the predicted rise materialises, it will be costing Gauteng motorists a record R13 a litre.
Liberty Life consumer economist Tendani Mantshimuli said the continuing increase in the price of petrol would push up inflation.
“The inflation rate will likely rise further in coming months due to high administered prices which include petrol and electricity as well as due to rising medical aid and education costs.
“The petrol price has increased by 41c a litre this month, mainly due to rand weakness and there’s currently an under-recovery which means that a further rise in the petrol price is inevitable next month,” she said.