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Petrol hike to increase over-indebtedness

The Department of Energy has announced a major fuel price hike which will kick in at midnight next Tuesday.

All grades of petrol will increase by 84 cents a litre. Both grades of diesel will increase by 78.2 cents a litre and the price of illuminating paraffin by 75 cents a litre.

Energy Department spokesperson Raaphi Maake says a weakening rand is the major cause of the hike.

Meanwhile Debt Rescue’s Neil Roets says the steep increase as well as the impending introduction of tolls in Gauteng is going to sound the death knell for many deeply indebted people. Total consumer debt currently tops R1,44-trillion.

AlgoaFM

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