South African motorists will face massive petrol price increases in October, according to the AA.
Commenting on unaudited month-end fuel price data released by the Central Energy Fund, the AA said these price hikes would be “catastrophic” for road users.
Petrol is expected to increase by R1.01 per litre, with diesel set to spike by R1.24 per litre in October.
“They are the biggest in South African history,” the AA said about the price increases.
The AA said the major culprit behind these increases is the chaotic economic policy in South Africa and recent upticks in international oil prices.
“Excluding months where fuel taxes were hiked, this will be the largest single fuel price increase South Africa has ever experienced.”
The AA estimated that this will increase the cost of doing business while causing consumers’ disposable income to shrink.
“We don’t believe the economy could grow meaningfully under such conditions,” the AA said.