Expect petrol price hike of at least 41c/litre – IRR

On top of this hike, the fuel levy announced by finance minister Pravin Gordhan in his budget speech in February could see motorists pay up to 80c/litre more for fuel.

IRR chief economist Ian Cruickshanks said consumers will feel the strain of the increases in fuel prices and interests rates, as well as likely increases in food prices due to the impact of the drought.

Government should realise “it has no choice but to start living within the country’s means, [something] which we have not seen since Trevor Manuel vacated his post as minister of finance,” said Cruickshanks.