Motorists in for fuel price shock
Inflation to rise due to petrol price increase.
The current political instability brought about by President Jacob Zuma’s cabinet reshuffle is one of the reasons that will most likely cause the petrol price to increase by a substantial amount in May.
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Zuma’s cabinet reshuffle caused the rand to lose 10 per cent of its value and to make matters worse the price of oil has sharply increased. The Automobile Association of South Africa (AA) has speculated that the price of petrol might increase by as much as 70c a litre but the Association has yet to release its official mid-month report. An increase in the petrol price will negatively affect inflation as well as the repo rate.
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It is also believed that there will be another petrol price hike in June.
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