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South African motorists will have to pay a record price for their petrol from midnight tonight (Tuesday) – 13 rand 96 cents a litre – as the rand tumbles and economists warn of tough times ahead.
The Automobille Association predicted on Monday that the petrol price could reach 16-rand a litre of 95-octane if the rand continued its decline against the dollar.
A national petrol and diesel increase of 39 cents and 24 cents a litre respectively kicks in at midnight, meaning motorists will be paying the most they've ever had to fork out at the pumps.
Mike Schussler, the director of economists.co.za believes 15-rand a litre is very likely and that it could hit 16-rand a litre down the line.
He said motorists should expect about another 20c increase in the next two months.
The rand hit five-year lows against the dollar at R11.38 and against the euro at R15.50 last week, which was one of the major causes of the petrol price hike.
