The Automobile Association (AA) of South Africa has warned of the dire consequences which will result from the ominous October petrol price increase.
Citing month-end fuel price data, released by the Central Energy Fund (CEF), the AA warned that the biggest ever petrol price hike in recorded history will have far-reaching consequences for motorists and consumers.
The current petrol price hovers uncomfortably around the R16 per litre mark, October is expected to bring about a whopping R1.01 per litre increase for petrol, with the price of soaring up by R1.24.
According to the AA, this unprecedented petrol price increase is due to cost the transport industry billions of Rands:
“We estimate this increase could extract a further R2.5bn a month in transport costs from an economy that is already on the ropes.”
BY: Monti Montsha