The Citizen reports that last month saw a substantial increase in fuel costs, with petrol rising by about R1.71 per litre and diesel surging by R2.80 per litre. However, the storm is far from over as experts forecast even more pain at the pump in October. Frank Blackmore, lead economist at KPMG, expressed his concerns about the upcoming fuel price hikes: “Given recent values, an additional R1.20 increase in 95 octane, R1.15 increase in 93 octane, and diesel around R2 increase per litre for October are expected.” He emphasised the potential ripple effect on the economy, particularly in the transportation sector, which relied heavily on diesel.

Any increases in fuel prices have a significant impact on the economy, and this will likely result in slower decreases in inflation,” Blackmore warned. Hayley Parry of 1Life’s ‘Truth About Money’ highlighted the challenges consumers face: “Following September’s steep petrol price increases, it’s not looking good for consumers in October. Strong international oil prices and a weak rand may lead to another 80c petrol price increase and R1.50 on diesel per litre.” Brina Biggs of 1Life Insurance emphasised the need for prudent financial planning and advised consumers to “tighten their belts, avoid taking on more debt, and prepare for the ongoing high cost of living”.  

by Devina Haripersad
Ref: The Citizen