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Weak rand linked to fuel price hike

The retail price of petrol in Gauteng will reach R13,00 for unleaded 93, while 95 will rise to R13,23.

Economist Dawie Roodt has listed the causes behind the looming petrol price hike. Picture: EWN

CAPE TOWN - The weaker rand is one of the main reasons behind the major petrol price hike announcement, an independent economic expert said on Friday.

All grades of fuel will rise by 84 cents a litre (c/l) next Wednesday.

Diesel will go up by 78 c/l, while illuminating paraffin will cost 75 cents more.

Economist Dawie Roodt said, "About 55 percent [of the hike] can be attributed to the recent fall in the exchange rate of the currency and about 30 cents or so is because of the recent increase in the international oil prices. Clearly, the exchange rate is playing a major role in the petrol price."

The average exchange rate between the United States (US) dollar and the rand was R10,05 this month, compared to R9,29 during the previous period, the Department of Minerals and Energy said in a statement.

The retail price of petrol in Gauteng will reach R13,00 for unleaded 93, while 95 will rise to R13,23.

Motorists at the coast will pay R12,80 and R12,86 respectively.

Meanwhile, the South African National Taxi Council (Santaco) says fares may increase in the coming months in the wake of the latest hike.

Santaco's Bafana Magagula says, "Normally, we consider increasing our fares around August or October."

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