petrol price

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SA drivers to be hit with massive December petrol price increase

Prepare for a huge holiday season petrol price hike. Prepare for your wallet to enter new worlds of pain. Eish, it’s bad guys…

petrol price

Pixabay

Do you own a car? Well, if you do, prepare to have a little less money to spend on Christmas presents this year. Ok, maybe a bit more than a little. December is set to bring another big petrol price hike.

BusinessTech spoke to economist Dawie Roodt who revealed that we can all expect to pay as much as 70 cents more per litre in December. Diesel will also rise, around 60 cents to be specific.

Roodt says the massive increase will come about due to the collapsing rand and ever growing increase of crude oil prices.

“The political and economic instability in South Africa is going to keep our currency volatile. I believe that further increases in the crude oil price are likely with a further decline in the value of our currency virtually inevitable,” the economist said.

The timing of the increase comes at a particularly bad time for South Africans. Aside from the extra costs of December living, over half of all South Africans are more than three months behind on their debt repayments.

CEO of Debt Rescue Neil Roets also painted a grim picture when speaking to the publication.

“Consumers should brace themselves for hard times ahead and face the fact that all of us are now going to be collectively punished for our government’s inability to grow the economy and create prosperity for all South Africa’s people.”

“We have reached the point where consumers simply have to face the fact that they cannot maintain their lifestyles as they did in the past. It has now become a matter of survival.

You can see a table of the current and expected fuel prices after the December hike below.

As Bruce Whitfield points out, the new amount will leave petrol the highest it has ever been in the Jacob Zuma era.

93 Petrol R13.78 R14.48
95 Petrol R14.05 R14.75
0.05% Diesel (wholesale) R12.36 R12.96