UASA Media Release: 02 November 2021
Statement by Abigail Moyo, spokesperson of the trade union UASA:
The hefty fuel price hike coming into effect at midnight today will have a knock-on effect that will hit South African workers hard. We expect food prices and transport cost to increase accordingly, bringing more financial distress to our members.
According to the Minister of Mineral Resources and Energy, Gwede Mantashe, the main reasons for the huge price hikes were:
An increase in the average price of crude oil from $75.50 to $83.40 a barrel during the period under review, the highest level since October 2018.
International petroleum product prices, with the movement in international refined petroleum product prices following the increasing trend in crude oil prices.
The rand/US dollar exchange rate, with the rand depreciating, on average, against the dollar from R14.56/$1 to R14.72/$1 during the period under review.
UASA encourages its members and all citizens to start their festive savings as soon as possible to prevent unnecessary financial distress.
For further enquiries or to set up a personal interview, contact Abigail Moyo at 065 170 0162 .