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Petrol price may go up 87c a litre

Consumers may be in for a hard time as the petrol price is expected to rise by up to 80 cents a litre next month‚ an economist said on Friday,15 February 2013.

18 Feb 2013

Lulu Krugel‚ economist at KPMG‚ said the international oil price had been rising and the rand weakening‚ hence the fuel hike was inevitable.

"If we look at the under-recovery where we are now on 87 cents for petrol‚ that means we'll probably see around 87 cents increase in the price if things stay the way that they are for the rest of the month‚" said Krugel.

"Diesel will rise by 60 and 65 cents. It is not looking good at all," she warned.

She said last month's fuel increase was caused by the same factors - an increase in the international oil price and a weak rand.

On 6 February‚ the retail price of all grades of petrol increased by 41 cents a litre.

Both grades of diesel rose by 17.8 cents a litre.

Krugel said that the political instability in the oil-producing countries‚ most notably Syria, had contributed to the increased international oil prices.

Source: Sapa via I-Net Bridge

Source: I-Net Bridge

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