Gauteng residents are in for a rough ride with e-tolls, electricity hikes & now a petrol price increase.
JOHANNESBURG – With fuel prices increasing this morning, economists have again warned tough times lie ahead for consumers, especially Gauteng residents.
Coupled with e-tolling, a hike in electricity tariffs and a possible interest rate rise later in the year, consumers are under intense pressure.
The price of petrol has increased by 47 cents a litre while diesel will now cost motorists between 46 and 49 cents more per litre.
Debt Rescue’s Neil Roets said many South Africans are already drowning in debt.
“We see on a daily basis how bad the situation really is and a lot of people find themselves on the knife’s edge over being over indebted. We feel that this petrol price increase is just going to push a lot of people over the edge.”
Economists have urged consumers to tighten their belts as they expect the petrol price to keep rising.
The Energy Department last week said the main reason for the fuel price increase is the high crude oil prices which resulted in higher prices (on average) for all the petroleum products in the international markets in May 2015 compared to April 2015.