At midnight tonight the South African petrol price will go up 39 cents a litre which will see motorists
getting screwed with paying just under R14 per litre…the highest price it’s ever been. The third time since December last year that the petrol price has increased. This along with the recent hike in the interest rate by 50 basis points and the weak Rand means South Africans will need to tighten their sphincters wallets over the coming months.
And if that’s not depressing enough for you then spoiler alert…the Automobile Association says if “the rand’s depreciation continued unchecked, a petrol price of R16 per litre was possible in the medium-term”.
Visually interpreted like so…
Ya…best you learn how to ride a bicycle or get some decent walking shoes.
“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.
A further increase in the petrol price of 30 cents per litre was expected in February due to the weak exchange rate.
The AA expressed concern that the knock-on inflationary effect of the recent fuel price hikes would send further shocks into the economy.” [iol]
I’m so happy i could stab myself in the eye with a rusty blunt fork.