Whatever goes up, must come down. And when the petrol price comes down, we can expect it to go up...
South African motorists will have to brace themselves for the increase in fuel price this coming Wednesday (4 March), following the much enjoyed reprieve. Petrol will be rising by 96 cents a litre whilst the numbers on the diesel pumps be pushed up by 74 cents.
The Energy Department has stated that the main reason for the increasing fuel price is the increase in the cost of crude oil during the period under review. The depreciation of the rand against the US dollar was also a contributing factor. At the same time, PetroSA could be cutting its workforce by close to 40% according to a letter the CEO released to the media.
These issues are foreboding, especially considering that Eskom has been struggling financially to buy diesel at the current rate. Let’s keep our fingers crossed that crude oil prices fall!
Don’t forget to fill up your tank before Wednesday and carpool when possible. In need of financial advice? Let’s get in touch!