Petrol: Brace for horrid July
Fin24.com - Jun 28th, 11:02
Cape Town – Consumers can expect a petrol price hike of close to 90c per litre, according to a quick survey done by Fin24.
This is in anticipation of an announcement in this regard by the Central Energy Fund on Friday. Any price increase will take effect at midnight next Tuesday.
Peter Noke, group retail specialist for Royale Energy, expects the hike to be announced by the department of minerals and energy on Friday will be about 87c per litre for petrol and about 80c per litre for diesel.
“It is only my guess, but I think it is going to be pretty close to that,” he said.
“The impact on everything in the value chain – from manufacturing to delivery – will be huge. The domino effect of one of the biggest petrol price hikes on consumers’ lives will be horrible.”
The rand/dollar exchange rate is the biggest culprit in his opinion.
Mike Schüssler, an economist at Economists.co.za, expects a petrol price hike of around 90c per litre.
“It is clear that with the weak rand, inflation is going to breach 6% or even 6.5% or 7%,” he ventured.
“July is going to be a tough month for consumers, because municipal electricity increases usually also happen in this month,” said Schüssler.
Efficient Group’s chief economist, Dawie Roodt, also blamed the weakening as the biggest culprit for the expected petrol price hike.
“It is not a pretty picture,” said Roodt.
Motorists at the reef are currently forking out R12.16 for 93 octane and R12.39 for 95 octane. While motorists on the coast are paying R11.96 for 93 octane and R12.02 for 95 octane.
- Fin24From Fin24.com
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