Rocketing fuel prices ‘bad news for all consumers’
Motorists are expected to pay a lot more to drive around due to a hefty increase in the price of fuel at midnight.
The Department of Mineral Resources and Energy announced a record increase in the price of petrol of between 95 cents and R1 per litre for April.
The new prices are set to take effect on Wednesday as petrol will increase by R1 a litre, and diesel by between 63 and 65 cents.
Spokesperson for Automobile Association (AA) Layton Beard says the increase is bad news for all consumers.
"The fuel prices which are picking up at midnight are going to be quite hard on motorists but also on consumers.
"It just means that prices are going to become more expensive and anything which is going to be transported by road is going to incur additional costs to consumers.
"These costs are going to be passed on to consumers, so from the AA perspective, this is not great news for consumers, and it is certainly something that we are worried about looking forward to."
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Beard says the hikes are mostly due to an increase in international oil prices.
"There are traditionally oil big reasons for fuel increases, one, international oil prices to the rand-US dollar exchange rate.
"In March, we saw the rand was weak against the US dollar and international oil prices increased indefinitely, and both of these factors gave us quite a hefty increase for April."
