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How Tuesday's petrol price hike effects you

6 March 2019 8:12 AM
Tags:
Petrol price hike
Household expenditure
Economist Lullu Krugel outlines the knock-on effects of the latest petrol price increase.

Kieno Kammies talks to economist Lullu Krugel about the effects of the petrol price increase which came into effect on Tuesday night.

The reason for the hike was the weaker rand and the rise of oil prices internationally.

The important thing is also the knock-on effect it will have on other prices in the economy.

Lullu Krugel, Economist - Price Waterhouse Cooper

The fuel price levy and road accident fund levy are also set to rise in April, and a carbon tax increase in June.

Read: 4 tax hikes taking effect from March will burden consumers further

Transport costs form the most important component of the products we buy in stores.

Lullu Krugel, Economist - Price Waterhouse Cooper

Often retailers do not absorb these additional costs and prices rise.

This will impact public transport costs as well.

At least we are not at the crisis we were in October. We are at least R2 lower than that. It is a bit of relief.

Lullu Krugel, Economist - Price Waterhouse Cooper

She argues that certain items do eventually lower in price when fuel prices drop, but agrees many do not.

Prices remain inflated.

Lullu Krugel, Economist - Price Waterhouse Cooper

Food remains the largest spend in a South African household, she says.

It can be as much as 40% of expenditure, even half, in a lower income household.

Lullu Krugel, Economist - Price Waterhouse Cooper

She says the answer is to budget and shop wisely for the best prices.

Take a listen:


6 March 2019 8:12 AM
Tags:
Petrol price hike
Household expenditure

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