Economist warns fuel price hike to hit consumers in many other ways

Fuel prices will go up by a record high of more than one rand and with the Ukraine invasion, South Africans are being told to brace themselves for more increases.

From midnight, both grades of petrol will increase by R1.46 a litre.

Diesel will go up by between R1.44 and R1.48 a litre.

This will have a ripple effect on food prices and other goods.

For the middle and working classes, this fuel hike could not have come at a worse time.

The National Taxi Alliance’s Theo Malele said that this record-high increase would have a devastating impact on taxi drivers, which would be passed on to commuters who are already battling to put food on the table.

“We call on the government to review the levy portion and ensure that the taxi industry is not hit this hard,” Malele said.

Economist Dale McKinley said that the fuel hike would hit consumers in many other ways.

“Basic services – this is energy, water and other kinds of things that will generally begin to reflect that increase in price because of the running of machinery,” McKinley said.

With the conflict unfolding in Ukraine, there are concerns that South Africans will have to prepare for even higher fuel increases in the coming months.

-EWN

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