Bad news for motorists – another petrol increase hike is expected in October
The forecasted increase is likely to bring the prices to their highest point in three years.
Motorists can expect to fork out more in October, as the price of fuel is set to increase yet again at midnight.
This would be the third consecutive increase as the Automobile Association predicts a price hike of 25 cents a litre for petrol, 42 cents for diesel and 52 cents for illuminating paraffin.
“For the first time in a while, the Rand has shown reasonable strength against the US dollar during one of our reporting periods. However, this is not enough to counter rampant increases in the international prices of fuels, which have risen by up to six percent in the past two weeks,” the AA said.
Also read: MOTORISTS: Petrol price to increase in August
The association added that had the currency not strengthened, the projected increase would have been closer to 50 cents a litre.
Read now: Petrol price is set to increase this September
The forecasted increase is likely to bring the prices to their highest point in three years.
According to economists at the Agricultural Business Chamber (Agbiz), the fuel price is due to the fluctuation of the Brent crude oil price.
They predict this increase will place pressure on farmers as the new planting season begins.
As a result of higher transportation costs, consumers will be affected as food will become more expensive.
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