With South African motorists taking the hit on the fuel price hike this April, other goods and services will inevitably follow suit.
The spike is being driven by a combination of what is happening around the world. This commotion is putting pressure on the country with additional levies which have come into effect at the start of April.
The levy increases are expected to place a significant strain on already stretched household budgets for most people.
As reported by IOL, Debt Rescue CEO Neil Roets said: “The possibility of the biggest petrol price increase in South Africa’s history could not have come at a worse time for financially strained consumers.”
Currently, many South Africans are battling with the rising cost of living, interests rates, as well as stagnant income growth.
“The prospect of petrol jumping by several rands per litre places enormous additional pressure on household budgets that are already stretched to the limit,” added Roets.
As a result of these rising prices, many South African households are now beginning to buy only critical foods and are actively seeking out the cheapest available options to try to adapt.