LISTEN: Consumers to feel the pinch as fuel prices increase
Updated | By Gaopalelwe Phalaetsile and Sibahle Motha
The Department of Energy has announced another steep hike in fuel prices for May.
Petrol will increase by 49 cents a litre, while diesel will increase by between 58 cents and 59 cents a litre.
Paraffin will increase by 52 cents a litre, and LP gas will increase by 70 cents a kilogram.
“The main reason for this increase is the weakening of the rand against the dollar during the period under review, as well as the high crude oil prices during the same period which led to high prices of petroleum products in the international market,” says the department’s Robert Maake.
Debt Rescue CEO Neil Roets says increased fuel prices, a hike in toll fees and the recent increase in value-added tax is placing a massive burden on consumers.
“We know from a bitter experience that when the fuel price spikes, the cost of petty much other goods and services as well because of South Africa’s heavy reliance on road transport,” says Roets.
He says this will in all likelihood increase the debt burden carried by South Africans.
“Consumers collectively owe more than R1.37 trillion in outstanding debt and are going to seriously feel the pinch.”
Show's Stories
-
LISTEN: Actress Sophie Joans talks about her award-winning play
Two extraordinary stage talents, Sophie Joans and Rob van Vuuren, have t...
The Drive with Rob & Roz 14 hours ago -
LISTEN: The best road trip tips ahead of the Easter weekend
From traffic to packing, Rob Forbes and Rozanne McKenzie are sharing tip...
The Drive with Rob & Roz 17 hours ago