Efficient Group Chief Economist Dawie Roodt says consumers are unlikely to see a respite from rising petrol prices in the near future.
He predicts that further increases are possible in the coming months.
The price of unleaded petrol went up by 53 cents a litre at midnight, while diesel increased by up to 84 cents a litre depending on the grade.
Roodt elaborates on the expectations for economic growth for South Africa this year.
“Unfortunately, the South African economy is slowing down quite significantly. Economic growth in SA is likely to be much, much weaker this year than last year and part of the reason for that has to do with increasing levels of inflation which can be attributed to a higher petrol price and that means the reserve bank will have to increase interest rates to ensure that the lid is kept on inflation,’ says Roodt.
November fuel hike
In November last year, the country saw a hefty fuel hike increase of R1.21 a litre for petrol, R1.48 a litre for diesel and by R1.45 a litre for paraffin.
The hikes were driven by the soaring international oil price and the weaker rand against the dollar.
Consumers had to dig deep in their pockets as petrol had increased by more than R5 per litre since January 2021.
SABC News Senior Reporter Chriselda Lewis spoke to motorists ahead of the increase: