The petrol price is expected to increase yet again by July.
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As the rand weakens against the US dollar, the crude oil price will increase. Robert Maake of the Mineral and Energy Department says: “the weaker the rand against the US dollar contributed about R1 on all products and the higher oil prices led to higher prices of finished products”.
According to the Central Energy Fund, the price will most likely go above R27 per litre in July as crude oil prices continue to rise.
According to a poll conducted by Business Tech, driving to work is becoming increasingly unaffordable for many South Africans. This means that majority of workers will be considering working from home as the fuel price will take another increase at the beginning of July. The increase is most likely to be R2.00 which will be the highest petrol price South Africa has ever encountered over the years.
To afford the petrol and fuel hike, most motorists will have to consider making cuts in their budgets. South African motorists are urged to brace themselves for yet another dramatic increase as the oil prices continue to fluctuate, which will remain at an elevated level for the duration of the Russian war.
The crude oil price in the United States is also affected by international factors, including supply and demand. The international oil price pressure has resulted in higher landed costs for all South Africans. To make things easy for citizens, the government has introduced a temporary relief amplification, which is not maintainable because government earnings are eroded.
In order to win the fight against monthly petrol increases, there must be alternatives applied in order to reduce the retail price of fuel and petrol or else this hike in petrol prices will hit the most vulnerable South African households