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Imminent Fuel Price Surge Set to Impact South African Motorists and Fuel Retailers

Published September 21, 2023
8 months ago

South African motorists are bracing for a significant jump in fuel prices over the coming month, with global supply and demand dynamics, geopolitical pressures, and the deteriorating local currency creating a perfect storm. The news, reported by IOL, has triggered concern among both motorists and fuel retailers across the country.

According to Reggie Sibiya, CEO of the Fuel Retailers Association (FRA), the predicament has the potential to impact not only the everyday fuel users but also the sustainability of the retail market. The FRA released figures showing an envisaged rise in the price of 95-unleaded petrol by nearly R2 per litre and diesel by almost R3 per litre.

The fuel retailers, already grappling with decreased profitability due to lowered fuel consumption amid the rising costs, face further stress with the upcoming annual adjustment to petrol attendants' wages. This surge in fuel prices, combining with wage adjustments, creates a dual challenge for both the retailers and the consumers.

Motorists are encouraged to plan their budgets carefully as the looming increase is poised to impact their disposable income. This issue is particularly significant, given the already substantial increases in fuel prices South Africans faced over the past few years. As South Africa gears up for this tough economic turn, updates on the fuel price hike can be found on 'The South African'.

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