[Warning] Petrol price skyrockets towards R16 a litre (and possibly R17 in July)

Petrol gauge. Picture: Public Domain.

Fuel prices are about to skyrocket to all-time highs, the Automobile Association (AA) warned shell-shocked South Africans on Thursday.

It expects a petrol price hike of up to 85 cents per litre in June.

The AA expects the diesel price to increase by 87 cents a litre.

Illuminating paraffin will be 82 cents per litre more expensive.

The Money Show’s Bruce Whitfield interviewed Kevin Lings, Chief Economist at Stanlib Asset Management.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

55 cents, more or less, is caused by the higher oil price. The rest is caused by the exchange rate.

Kevin Lings, Stanlib Asset Management

We remain vulnerable to outflows…

Kevin Lings, Stanlib Asset Management

Are we willing to reduce the fuel levy…? It’s hard to imagine that Government would be willing…

Kevin Lings, Stanlib Asset Management

Inflation right now is 4.5%... if it starts moving up, and it will… it’s something that has to be watched. The Reserve Bank will then probably hike interest rates…

Kevin Lings, Stanlib Asset Management

We’ve got to urgently find a way to boost South Africa’s growth rate…

Kevin Lings, Stanlib Asset Management

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