Expect another massive fuel price increase this October

Petrol station

Petrol station

A litre of petrol was purchased at a price of Rs. 86.28 in Chennai and Rs 84.82 in Kolkata, according to a price notification of state-owned fuel retailers The revised price of diesel in Mumbai stood at Rs. 78.82 per litre.

"Excluding months where fuel taxes were hiked‚ this will be the largest single fuel price increase South Africa has ever experienced‚" the AA warned.

While South African's were saved from a major fuel hike in September, thanks to government intervention, October promises to raise the petrol price to new highs.

"These increases are catastrophic for road users", the AA says.

Fuel users are facing unprecedented price increases in October. "They're the biggest in South African history - and the major culprit is South Africa's chaotic economic policy which has left us defenceless against upticks in worldwide oil prices".

Trump says he rejected Trudeau, again threatens Canadian-built auto tariffs
The U.S. has suggested it will forge a new NAFTA deal with just Mexico if it fails to reach an accord with its northern neighbor. One such attempted encounter led to a brief handshake, with Trump remaining seated when approached by the prime minister.

The AA said the major culprit behind these increases is the chaotic economic policy in South Africa and recent upticks in worldwide oil prices. In Delhi, petrol rate touched Rs 83 per litre while diesel price reached Rs 74.24 per litre on Thursday.

"We estimate this increase could take an extra R2.5 billion a month in transport costs out of an economy that is already on the ropes", Beard said.

Internal factors: These include rising prices in crude oil, transport costs, and taxes and levies.

Worse still, is South Africa's technical recession - the first of its kind in nearly 10 years.

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