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Economists: Fuel hikes due to rise in international price of crude oil

The Energy Department announced earlier on Thursday afternoon that from Wednesday consumers will have to cough up between 58 and 59 cents more for a litre of diesel.

 Image: Public Domain

JOHANNESBURG - Economists say the latest fuel price hikes were largely expected given the international increase in the price of crude oil.

The petrol price is going up 49 cents a litre.

The Energy Department announced earlier on Thursday afternoon that from Wednesday consumers will have to cough up between 58 and 59 cents more for a litre of diesel.

Econometrix chief economist Azar Jammine says further hikes could be on the horizon.

“The prices have risen sharply in April and May. They will only be moderately higher in May compared with where they had been in December which was the last record-high level."