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Pain to be felt at the pumps

From next Wednesday fuel will go up by 96 cents a litre and diesel by 74 cents a litre

FILE: Fuel will go up from 4 March. Picture: AFP.

JOHANNESBURG - The Department of Energy has attributed the fuel hike to an increase in the price of crude oil and a weakening rand.

From next Wednesday, fuel will go up by 96 cents a litre and diesel by 74 cents a litre

The price of illuminating paraffin will increase by 73 cents a litre.

Investment solutions economist Chris Hart explains.

"The big drop that we had until February this year was going to be undone over the next two months, through taxes and the rebound in the international oil price. It means the Reserve Bank might be looking to hike rates."

PETRO SA LIKELY TO RETRENCH 40% OF ITS STAFF

Eyewitness News learnt yesterday that PetroSA is considering the possible retrenchment of up to 40 percent of its staff.

In a memo to staff, the parastatal states the move could be implemented from April.

The PetroSA memo was sent to the Chemical Paper Printing Wood and Allied Workers Union (CEPPWAWU) and then to the parastatal's 1,800 employees.

It reveals that around 40 percent of its workers across all levels are likely to be retrenched.

The memo cites several reasons for the proposed, retrenchments including feedstock depletion, oil price reduction and declining revenues.

A PetroSA employee told EWN the union would be meeting with management on Monday to discuss proposals.

PetroSA spokesperson Zama Luthuli could not comment on the matter.

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