It’s about time to invest in a horse and cart, we reckon. Yet another petrol price increase is heading for South Africa, according to the forecast published by Price Waterhouse Cooper (PWC) on Tuesday.
A bleak February ahead? Petrol price increase on the cards
The economic experts have predicted that fuel will get more expensive next month, despite dropping substantially at the start of January. Those with the relevant knowledge and information see that R20 per litre mark getting breached again, potentially shattering the all-time record of R20.29p/l, which was set in December 2021.
The thing is, this proposed petrol price increase could be an absolute monster. International oil prices are now at the highest value they’ve been since 2015. Some experts believe the fuel costs could soar by more than R1 per litre in the first week of February – a possibility that hasn’t been contested by PWC.
What can be done to bring down our fuel costs?
It’s understood there are murmurs in government about finding a way to lower petrol prices. But until the Budget Speech is delivered by Enoch Godongwana next month, this will remain as speculation only.
- At least for the next five-to-six weeks, we can expect more pain at the pumps…
“The nature of fuel price fluctuations suggest that it is only a matter of time before the R20/litre barrier is breached again. In the third week of January, international oil prices climbed to a seven-year high, suggesting fuel prices will again increase in early February.”
“Fuel costs form part of a larger challenge faced by companies to optimise their energy usage and supply chains. With fuel prices set to continue rising in 2022, South African companies must raise the bar on supply chain efficiency, agility, and resilience to meet customer demands in the most cost-effective manner.”