Petrol price rises tonight
Cash-strapped consumers should brace themselves for a miserable festive season.
Inflation is set to worsen as fuel prices increase tonight at midnight.
"The petrol hike will have an adverse effect on the man in the street," said Simon Mohapi, investment manager at SM Mohapi Financial Services.
He said consumers could expect to be burdened with higher fares and more expensive food and clothing.
The petrol price will increase to its highest level ever when the retail price goes up by 43 cents to R7,23 a litre at the coast and R7,47 in Gauteng.
Spokesman for the South African Petroleum Industry Association, Avhapfani Tshifularo, said rocketing international prices for crude oil were the main factor for the fuel increase. He said the price of petrol had risen four times this year.
Minerals and Energy Department spokesman Bontle Mafuna said the government could do nothing about the fuel increase because South Africa did not produce oil.