Greece crisis could see further petrol price increases in South Africa.

This is according to economist Dawie Roots who warns that consumers and motorists should brace themselves for tough times.

This comes after Greece failed to meet deadline to pay back its creditor and were forced to close banks as well as put a limit on withdrawals.

Unlike South Africa, USA is set to gain from Greece crisis as the dollar is gaining strength and the commodity prices are on a decline.

USA is also set to take advantage of the now low oil prices which are unfortunately not as low for South Africa as the dollar will be strengthening and is expected to “ever higher rates”.

"We are rapidly approaching an all-time high in the fuel price. With the Greek crisis far from over, this could result in a stronger dollar which will push down the value of the rand which in turn will drive up the price of oil.

“We can reasonably expect a further substantial increase in the oil price in August which will probably take us to an all-time high,” said Roots.

Petrol prices will be going up at midnight on Tuesday. 93 Octane petrol will increase by 44 cents a litre while 95 octane will increase by 41 cents a litre. Diesel will increase by 4 cents a litre.