Petrol price to hit record high

The price of petrol will hit an all-time high with the latest in a series of hikes announced for June.

Petrol will go up by 82 cents per litre, diesel will increase by between 85 and 87 cents, and illuminating paraffin by R1.09 cents.

The Department of Energy’s Robert Maake says this is due to higher international oil prices and the weakening of the rand against the dollar.

Efficient group senior economist Francois Stoffberg says the series of fuel price hikes are putting a lot of strain on household budgets.

“It might also mean that public transport might also increase as well. It really puts a burden on the food consumer basis and usually can be skewed towards poorer household.”

Stoffberg says while some prices are increasing at a faster rate, this is thankfully not true of all products.

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