THE petrol price is expected to increase by 39 cents, which will have a litre costing just under R14 for motorists.
The third increase in the petrol price since December last year, this is the highest it has ever been.
Along with the recent hike in the interest rate by 50 basis points, and the weak Rand, South Africans are expected to tighten their belts on spending for the next few months.
Last week, SA Reserve Bank governor Gill Marcus said, “The weak Rand exchange rate affected the petrol price, which in December and January increased by an accumulative 55 cents per litre.
The AA expressed concern over the inflationary effect of the recent fuel price hikes, which would most likely send further shocks into the economy.
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