Fuel price increases
Parly Energy committee concerned over effect of fuel price hike on SA's poor
The Mineral Resources and Energy committee wants solutions from the department to mitigate the increases.
The Reserve Bank has set it's inflation target of between 3% and 6% and there were concerns that a double blow of electricity and fuel price increases would affect this.
Fuel prices shot up at midnight - with 93 octane petrol increasing by 95 cents a litre, while 95 octane increased by one rand.
Motorists have been warned to brace themselves for record-high increases which will see them pay about R17 for a litre of petrol. The increases come into force at midnight.
Just when you thought you'd safely navigated your stressed finances through Janu-worry, February brings with it a substantial rise in fuel prices from the 3rd of the month.
It said that while the rand had managed to advance against the US dollar, it had not been enough to offset the gains made by oil over the past few weeks.
The AA is predicting petrol will be going up by between 9 and 16 cents a litre next month while you might have to fork out 48 cents more for diesel.
The Department of Energy on Monday said the retail price of all grades of petrol would increase by R1.18 cents per litre. Diesel would rise by 22 cents.
There have been significant fuel price reductions over the past few months due to a plummet in oil prices.
While 95 ULP and LRP petrol is expected to climb by 10 cents a litre, while diesel increases by 25 cents a litre, however, 93 ULP and LRP petrol users can expect to pay 3 cents less for a litre of fuel.
International oil prices, which showed a decline in the first week of July, have soared again due to concerns over international inventories and ongoing political instability in the Middle East.
The AA predicted an 86 cent drop in the price of petrol and 68 cents for diesel. The AA also predicted a 58 cent drop in the price of illuminating paraffin.
Motorists could be expected to pay an additional 98 cents per litre in April - bringing the cost to R15,80 cents for a litre of fuel.
South Africans have been hit hard by increased fuel prices and a rising cost of living, but economists agree there are a few signs that the worst may be over.
Ray White interviews FNB Business senior agricultural economist, Paul Makube, about the fuel price hike announcement.
Layton Beard, the spokesperson for Automobile Association, comments on some of the ways to decrease the fuel price.
Earlier in August, the government denied reports that it intended laying off 30,000 public servants over the next three years.
The People Against Petrol and Paraffin Price Increases says that it will shut down roads next week Friday to get government’s attention about the high fuel costs.