South African motorists should prepare themselves for a fuel hike of as much as 70 cents, thanks to a continuing rise in oil prices and weaker rand, BusinessDay reports.<\/p>\n
According to Econometrix<\/a> economist Laura Campbell<\/a>, speaking to the paper, the country is currently seeing an under-recovery of 70 cents per litre, which “must come through in October”.<\/p>\n Mike Schussler<\/a>, economist at Economists.co.za, pegged the October increase at 50c\/l, the report said.<\/p>\n In August, the fuel price reached new record highs to R13.55 a litre (inland) – and if the projected increases are accurate, motorists can expect to pay R14.05-R14.25 per litre in October.<\/p>\n An expected increase will largely come as a result of the price of brent crude oil jumping to a high of $115 a barrel this week on the back of increasing tensions in Syria.<\/p>\n Adding to the fuel price woes, unrest in the mining sector and the initiation of South Africa’s “strike season” has pushed the rand into weaker territory, hitting a low of R10.50 to the dollar – the lowest point since before the global economic crisis in 2008.<\/p>\n The rand was trading at R10.33 in morning trade on Thursday (29 August).<\/p>\n Do South Africans overpay for petrol?<\/a><\/strong><\/p>\n Rand bites as petrol set for steep rise<\/a><\/strong><\/p>\nMore on the fuel price<\/h3>\n