Economist Azar Jammine says the positive thing about the coronavirus lockdown regulations is that people who are working from home will be able to save money that they would have spent on the increasing fuel price.
Motorists can expect a steep fuel hike with effect from midnight on Tuesday.
According to the Department of Energy, the petrol price will go up by 91 cents per litre, diesel by 58 cents a litre and illuminating paraffin by 50 cents a litre.
Media Statement: Minister of Mineral Resources and Energy, @GwedeMantashe1, announces adjustment of fuel prices effective from the 4th of August 2021:- https://t.co/rnxa8MA8UC #FuelPrice pic.twitter.com/SDXqVY1Kir
— Department of Mineral Resources and Energy (@DMRE_ZA) July 31, 2021
Jammine has attributed the huge hike to the depreciation of the rand against the US dollar partly due to the violence and looting in KwaZulu-Natal and Gauteng last month.
“The rand has fallen partly because of the riots and also generally emerging markets have lost some of their lustre in the last month. The rand is not the only one that has depreciated against the dollar and so the combination of these has led to higher rand prices in fuel,” he adds.
Below is Azar Jammine’s full interview:
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