Another massive fuel price increase in the offing in October
The nation will have to pull those belts a whole lot tighter with a projected increase of about R1.14 a litre of petrol.
File image by © Imaginechina/Corbis
There seems to be no end in sight for South Africa’s perpetual rise in fuel prices as the Central Energy Fund (CEF) has predicted yet another increase for the month of October.
The CEF report, released earlier this week, attributes the projected increase to a weaker rand and a higher international oil price.
The most recent hike was capped at 5c after government intervention but was dubbed a “once off” to provide citizens a short reprieve after sustained increases over five months in the lead-up to September.
According to the CEF’s calculations, early indicators estimate that the fuel price could rise by R1.14 a litre in October.
Fin24 calculated that the inland price of 95 octane petrol would rise to a possible record high of above R17 a litre, thus affecting food prices and transport costs.