Economists have warned that fuel price and electricity tariff increases are likely to create fertile conditions for investor uncertainty.
JOHANNESBURG - Energy experts say increasing oil prices and an ever-weakening rand are the main drivers behind the massive fuel price hike that’s set to hit motorists this coming week.
The Energy Department has announced that the price of 95 octanes will increase by R1.31 per litre for inland provinces, while motorists on the coast will have to fork out R1.26 more, 93 unleaded increases by R1.34 per litre for landlocked regions and R1.29 at the coast. South Africans are being dealt a double blow this week as the fuel price hikes are set to come into effect mere days after a 9.4% increase in electricity tariffs is due to be implemented.
Economists have warned that the two measures are likely to create fertile conditions for investor uncertainty, which could add more pressure on the country’s already ailing economy.Both measures are likely to put more strain on an already ailing economy, with experts warning that the tough economic times may lead to more uncertainty about the country’s future.
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