Petrol price hits record high

Fuel prices have reached record highs on Wednesday morning and analysts are warning South Africans to brace for tough times in the midst of a slow economic recovery.

The new fuel price took effect at midnight.

This means motorists will now fork out R13,20 for a litre of unleaded petrol in Gauteng while diesel now costs just under R12 at the pumps.

The latest increase is likely to push up the cost of living in the country with hikes in transport and food prices expected.

Economist Chris Hart said South Africans will feel the pinch with the latest petrol hike, the second increase this year.

The Automobile Association’s Gary Ronald said consumers have no choice but to adjust their lifestyles as the cost of living becomes more expensive.

“If you’re driving an SUV that’s got 120 litre tank it’s over R1000 to fill up. That bites into a family’s budget.”

In January 2010 Gauteng motorists paid just over R7 for a litre of petrol and just three years later the price has almost doubled.







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