Motorists should tighten their belts further as yet another fuel hike is to be expected in the coming week. Layton Beard, a spokesman for the AA, made his predictions based on current, unaudited data from the Central Energy Fund.
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According to IOL, “93 ULP and 95 ULP petrol are expected to climb by between R1.22 and R1.27 per litre; diesel is expected to increase by around 28 cents per litre; and illuminating paraffin is expected to be 16 cents per litre more expensive in the new month,” said Beard.
“A litre of 95 ULP inland would climb from its current level of R21.68/l to R22.90/l, while the price at the coast would increase from around R21.03/l to R22.25/l.”
Professor Irrshad Kaseeram of the University of Zululand predicted that petrol prices were expected to rise by R1.22 to R1.26, while diesel prices would rise by about 28 cents a litre.
“About 60% of this increase is due to global rising fuel prices, while 40% of the increase is due to the weakening rand due to the dollar strengthening as a result of the Fed Reserve Bank adopting a hawkish monetary policy to fight inflation. This implies that the possibility of a global recession still looms, hence investors are preferring to move funds out of risky emerging markets like South Africa and invest in the secure US market.”
Updated fuel prices are to follow.
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