Fuel increase is going to result in "expenditure shift" - economist
At midnight today, South African drivers are set to feel the pinch as the petrol price goes up by a record-breaking R1 per litre.
Dr Iraj Abedian, CEO of Pan African Investments and Research Services, explains what the fuel price means for cash-strapped consumers.
He says there is no South African who is going to be immune to the effects of the increase in fuel prices.
The most important thing is that we have to move around. Whether you are using your car or public transport the fuel price will affect you.Dr Iraj Abedian, CEO of Pan African Investments and Research Services
This means whatever we are buying or consuming is going to be affected by this.Dr Iraj Abedian, CEO of Pan African Investments and Research Services
Dr Abedian says the fuel increase is going to result in "expenditure shift", meaning that consumers are going to cut down on what the spend on which will also affect the economy.
There's a shift which affects the welfare of consumers and in that regard, it is the poor and the working class who are affected most.Dr Iraj Abedian, CEO of Pan African Investments and Research Services
To hear the rest of the conversation, listen below:
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