SA motorists to feel the pinch of petrol hikes

An economist says the petrol price is expected to rise by atleast 30 cents in May

South African motorists will have to prepare themselves for a further fuel price increase next month.

Thebe Securities economist Elize Kruger says due to the weaker Rand for large parts of April and record oil prices, fuel is set for another stiff hike. Kruger says she expects petrol to rise by at least 30c, which will bring the cumulative price hikes for the year to R1.75.

However, diesel users are due for another price shock. Kruger says the retail price of diesel is expected to rise by 50c/, taking the diesel price for the first time to R10. Paraffin is likely to shoot up by a further 55c/l. Kruger says a further price hike in fuel prices will exacerbate the current hardships consumers are facing due to higher lending rates and soaring food prices.