Expect a big petrol price hike in September – Economist

Dawie Roodt, chief economist at Efficient Group, has stated that South African motorists can expect a big petrol price increase in September 2018.

Roodt’s statement follows the confirmation from the government that petrol prices will only increase by 1 cent a litre at the start of August.

Diesel prices will drop marginally from next month, too, going down 4 cents per litre.

Roodt predicts that the price of petrol, diesel, and illuminating paraffin will be hit by a “substantial hike” in September, though.

Neil Roets, CEO at Debt Rescue, said local motorists could see a double-digit increase.

This will be influenced by “how the currency performs over the next month”, and the fact that “there is strong pressure by oil-producing countries for a hike in the price of crude”.

The latest prediction also follows 93 and 95 grades of petrol going up by 26 cents and 23 cents a litre respectively on 4 July 2018.

Now read: This graph shows the petrol price over the past 10 years

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Expect a big petrol price hike in September – Economist