The Department of Energy has announced massive fuel price hikes that will take effect on 3 October 2018.
Rising fuel prices remain a major cause of concern for many South African motorists and consumers who have endured countless increases that continue to squeeze household budgets.
Now, a major increase will materialise in October 2018.
The price of 93 octane petrol will increase by 99 cents per litre while the cost of 95 octane petrol will increase by R1.00 per litre. Both grades of diesel (0.05% and 0.005%) will see a massive price increase of R1.24 per litre.
The main factors that contributed to the increase include a weakening Rand/Dollar exchange rate, increases in the prices of crude oil and increasing import proces of petroleum products.
Previously, the AA warned that the agricultural sector, which is already under stress from the prolonged drought, will be severely affected by the rising cost of diesel and price hikes such as this will place marginal businesses (including farms) under considerable pressure and will ultimately have a negative impact on consumer pricing.