Could a R4.60 petrol shock come in November?
While South Africans are still reeling from this month's vicious hike at the fuel pumps, November could deliver another punishing blow
South African motorists may face a fuel price shock around the time of Christmas, with petrol prices potentially increasing by R4.60 per litre and diesel by R2.60 per litre in November. This comes after recent hikes in October, which have already pushed domestic fuel prices to historic highs. Investec chief economist Annabel Bishop noted that the latest data shows a significant portion of the increase is driven by international prices and a weaker rand.
If the current conditions persist, this could be the largest petrol price hike this year. The pressure is largely due to international oil market fluctuations, as oil has been trading around $100 per barrel. The Reserve Bank has cautiously hiked interest rates in response to the oil shock, but may face pressure to adjust them again in November.
Political parties have also called for government intervention, including a potential cut in the general fuel levy, to alleviate consumer stress.
Written by urgent.news from The Citizen's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
