Brace yourself: Fuel and electricity are going to cost you more from 1 April
After motorists endured the first petrol hike in several months on 4 March, paying more at the pumps looks inevitable come next Wednesday.
And to make matters worse, some customers will see a significant rise in their electricity bills.
So what sort of price hikes lie ahead?
Read on to find out…
How much more is fuel going to cost?
At the beginning of this month, motorists saw a hefty hike at the pump
. The petrol price rose 96c a litre and the price of diesel rose 74c a litre. This was thanks to a rising oil price and a weak rand.
This Friday, the Department of Energy and Mineral Resources will reveal how much more you’ll pay at the pump from 1 April. But thanks to the hike in fuel levies introduced at the budget
, fuel prices will rise by at least 80.5c a litre.
Efficient Group economist, Dawie Roodt, told Fin24
he sees a rise in the petrol price of “as much as R2 per litre,” taking into account the levy hikes. He sees the weaker rand adding upward pressure to the fuel price.
Eskom’s new electricity tariffs come into effect too
And if that wasn’t bad enough, Eskom’s new higher tariffs also kick in on 1 April.
Eskom’s direct customers will have to “pay 12.69% more for power” as of next Wednesday, says the SABC
. Municipality customers “will pay 14.25% more from 1 July”.
Following Eskom’s reapplication for additional tariff hikes last week
, electricity could become even more expensive if it gains approval from the regulator.
With fuel and electricity on the rise from next month, it’s likely to put upward pressure on consumer inflation over the coming months.
Your pocket is going to start to feel the squeeze.
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