Another petrol price hike on the cards

Motorists face another hike in the petrol price next month.

The cost of the commodity will increase by 18 cents a litre. Petrol has increased by over R1 a litre in the last two months.

CEO of Debt Rescue, Neil Roets says this will have a knock-on effect on the prices of all other commodities.

He says food shortages caused by the drought have worked their way through the economy and further increases can be expected.

Roets says the fact that most consumers owe more than 75 per cent of their monthly salaries to financial institutions shows how dire the situation is.

Economist and Head of School of Economic and Business Science at Wits University, Professor Jannie Rossouw says the petrol price increases will have a ripple effect as this means that food prices, inflation and interest rates will go up.

The price increases come as Eskom hikes tariffs by 9.4% at the beginning of this month and as the severe drought that the country is experiencing affects food prices.

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