South Africa’s workers cannot afford the price of a litre of 93 octane petrol increasing by 25c , while a litre of 95 octane that will go up by 29c. A litre of diesel will cost R12.12 inland and R11.74 at the coast while illuminating paraffin will rise by 39c/litre. This means that a litre of paraffin will now cost R7.71 inland, and R7.13 at the coast.
Workers are financially burdened to the point of drowning in debt and increasing expenses. Our economy is weak, demand for credit is low, millions are unemployed, personal taxes are up.
A fuel price increase will lead to higher prices of consumer goods and make it even more expensive for workers to get to work and back. South Africa's total consumer debt stands at an immense R1.71 trillion, according to the National Credit Regulator. The World Bank has us pegged as one of the most indebted countries in the world.
A higher fuel price will add to our woes considerably. Increasing the pressure on workers’ wallets is not the course to take towards stimulating the economy.
The department said the main reasons for the fuel price adjustments were that the rand depreciated, on average, against the US dollar during the period under review, and that the international prices of petroleum products increased on average during the same time.
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