Petrol price hike to ring in 2017
Motorists are in for a tough start to 2017 with the price of fuel set to increase next week.
The Department of Energy has announced that the price of petrol and diesel will rise by up to 50 cents a litre as a result of the average international product prices of petrol, diesel and illuminating paraffin.
Efficient Group economist, Francois Stofberg says decision by OPEC countries to cut back on oil production in 2017 is to blame for the increase.
"Fortunately for motorists in South Africa the Rand has been pretty steady against the dollar and this might translate into another decrease in fuel prices in February," he says.
The retail price of petrol 93 octane will increase by 50c per litre and that of 95 octane by 48c per litre.
Diesel (0.05% sulphur and 0.005% sulphur) will go up by 37c per litre and 39c per litre respectively.
Earlier this month the price of both grades of petrol dropped by 20c a litre, while diesel decreased by 32c a litre.