Fuel prices go up, motorists dig deeper into their pockets

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Fuel prices have gone up from Wednesday, with the price of petrol increasing by as much as 29 cents a litre and the price of diesel increasing by as much as 42 cents a litre.

Illuminating paraffin prices are up by 36 cents a litre.

The main driver of the higher fuel prices was the increase in the Brent crude oil price.

Economist at ETM Analytics, George Glynos, says: “The unfortunate reality is that the oil price is high, the rand has also weakened which is only exacerbating the problem. On top of that we have a weak environment that’s being hampered by COVID-19 and lockdown restrictions.”

Glynos adds: “It’s a tough time for motorists, the only mitigating factor is we are in lockdown, people are less mobile so that does help as far as household finances are concerned but it’s still difficult to spin this into a positive material way.”